The Financial - 18.02.2013

The FINANCIALBy MAdoNA GAsANovA

From September 2012 till February 2013 the number of Russian tour-ists in Georgia in-

creased by 72% compared to the same period of the year before. During the past five months Georgia has hosted 204,495 Russian visitors, of which almost half are friends and relatives of Georgian

residents.The number of Russian

tourists in Georgia during the same period of 2011/2012 was 119,053.

“41% of Russian residents come to Georgia to visit friends and family,” Rusudan Mamat-sashvili, Head of the Planning and Development Department at Georgian National Tourism Administration (GNTA), told The FINANCIAL.

© 2013 The FINANCIAL. INTeLLIgeNCe busINess pubLICATIoN written expressly for opinion leaders and top business decision-makers

Feb. 16 Feb. 9

1 USD 1.6568 1.65611 EUR 2.2097 2.2213100 RUB 5.5018 5.49151 TRY 0.9372 0.9358

CURRENCIES

see on p. 17 see on p. 15

prim

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ds

http://www.finchannel.com18 February, 2013 News Making MoneyGeorGIAN weBsITe http://www.financial.ge

Read on p. 23

MoNEY TRaNSfERS IN JaNUaRY see on page 4 | WoRlD ECoNoMIC ClIMaTE IMpRovES, SURvEY ShoWS see on page 12

Continued on p. 4

Continued on p. 12

Continued on p. 14

Institutional Trust and Efficacy

Frank Klobucar, GorbiDaan Harmsen, Geocapital

Read on p. 6

New Flow of Russian Tourists to Georgia

The FINANCIAL

Since the parliamen-tary elections, com-panies operating on the Georgian market have reduced their

activities. The business sector has become comparatively pas-sive in recent times, a fact that is confirmed by the latest statis-tics. An almost 20 percent de-crease was observed in register-ing business in 2012 compared to 2011 according to the Public

Registry Service. Experts say that the reason for the decrease in registering business is due to the unstable political situation.

Besides the elections and relatively unstable political situation, another reason for companies’ relative inactiv-ity is that the current govern-ment intends to revise all of the projects that were started under the previous govern-ment, experts say.

Business Activities in Decline since Parliamentary Elections

Continued on p. 6

More Than 15,000 Companies Participating in European Business Awards

The FINANCIALBy MArIAM PAPIdze

The European Busi-ness Awards is a European awards programme started in 2006. Since then

the European Business Awards

has established itself as the ul-timate platform for outstanding businesses in the EU. Designed to celebrate exceptional results across a variety of categories, the EBAs are a global showcase for the best in the business.

Continued on p. 8

World Economic Climate Improves, Survey Shows

The FINANCIAL

The world economy is showing signs of brightening after six months of stag-nation, according

to a global survey of economic experts by the International Chamber of Commerce (ICC) and the Munich-based Ifo in-stitute for economic research.

New LabourCode Terminates“Annulment of Contract”

The FINANCIAL

According to the new version of Labor Code dis-crimination (gen-der, racial, eth-

nic, religious, etc.) made by the employer shall be prohib-ited not only during the labor relations (while the employee works), but also during the pre-contractual relations. In such a case, if a person makes a complaint, the burden of proof shall be placed on the employer.

Preliminary Statistics Showing Reduction in Imported Shoes


The number of pairs of shoes imported in Georgia in 2012 was 7,874,000, with a total value of

USD 393,830,000, according to the National Statistics Of-fice of Georgia.

Industrial Production Up By 0.7% in Euro Area

How can Georgia stimulate innovative entrepreneurship?

2 HEADLINE NEWS & ANALYSIS FINANCIAL18 FEbruArY, 2013 | FINcHANNEL.com

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18 February, 2013

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Gasoline prices presented by BusinessTravelComHotel and airticket bookinG: 2 999 662 | sky.Ge

KhachapuriIndex

KhachapurI Index Is exclusIvely provIded to THe FINANCIAL by IseT

January 2013

KHACHApuRI INDeX: geoRgIAN

CoNsuMeRs eNJoY pRICe sTAbILITY

Florian Biermann is an assistant profes-sor at ISET. He got his Ph.D. in mathematical economics at the Hebrew University of Jeru-salem in Israel

The cost of cooking one standard Imeretian khachapuri in January 2013 averaged 3.44 GEL, which is about 0.3% higher compared to previous month and 1.7% lower compared to January 2012 (i.e. y/y).

Kh-index finding are very similar to those official estimates. According to GeoStat data, annual inflationstands at -1.6%. In other words, Consumer Price Index is currently lower (by 1.6%) than at exactly the same time in 2012. On average, prices have not changed compared to the previous month either. Geo-Stat’s estimate of monthly inflation for Janu-ary is a miniscule 0.2%.

In y/y terms prices of food and non-alcohol-ic beverages declined by 2.7%. Housing, water, electricity and gas commodity group also expe-rienced significant decrease in price (down by 6.5%). These declines were partially balanced out by modest rise in a few other categories: health (up by 2.7%) and Restaurants and ho-tels (up by 3.1%). Overall, considering bigger weight of food category in consumer basket, gen-eral price level declinedin annual terms.

Ever since May 2011, when inflation peaked given the state of frenzy in the global commod-ity markets, inflation has literally come to a halt: since early 2012, monthly inflation rates are fluctuating around the zero trend, in the [-0.9%; 0.9%] range. Annual inflation rates are fluctuating in the [-3.3%; 0.6%] range.Thus we can say that Georgian consumers are enjoying stable (even lower) prices.

eCoNoMIC LessoN oF THe WeeK: THe FuTuRe

oF LAboRAccording to standard economic theory, la-

bor is a good like any other, traded on the labor market. Like with all other markets, the price for labor, which is the wage, ensures that sup-ply meets demand. When there is a shortage of labor, the price of labor goes up, and more people offer their labor on the market. When there is an abundance of labor, a decrease in the price of labor prevents unemployment.

Economics recognizes that there is not just one market for labor, and whenever necessary, one considers special labor markets which are usually defined by the special kind of la-bor traded. In this sense, we speak of “labor market for medical doctors”, the “market for unskilled labor’, or the “market for university graduates”.

obsoLeTe AND NeW LAboR MARKeTs

As it turned out, many labor markets dis-appeared in the course of history. There is no market for blacksmiths and wheelwrights any-more, but the frequent surnames “Smith” and “Wright” in England suggest that in the past, these were common professions. In Georgia one still has gatekeepers who open and close railway crossing gates, but it is likely that this job will disappear in the next years. In devel-oped countries, the railway crossing gates are opened and closed automatically, without a human being actively involved.

On the other hand, also new labor markets emerge. For example, before the raise of com-puter technology, there was hardly a market for computer programmers.

WILL THeRe ALWAYs be DeMAND FoR LAboR?Unemployment is a common phenomenon

in most market economies. Economics has different explanations for unemployment, like market frictions and qualification mismatch. Yet the most common and most fundamental reason for unemployment is usually identified to be too high or too rigid labor costs, which in most cases are made up primarily by wages. Is this explanation convincing? Would the de-mand for blacksmiths and wheelwrights go up if their wages would go down? Nobody would make such a contention. But if the demand for entire professions can virtually disappear, how can we be sure that there is always enough de-mand for labor in general?

A HYpoTHesIs As oLD As CApITALIsM

Starting with the industrial revolution, people feared that the demand for labor might vanish. In the early 19th century, a violent political movement called “The Luddites” in-vaded factory halls in England and destroyed the machines. They felt that the ongoing auto-mation of production processes would make it difficult for them to sell their labor at reason-able prices. Given the rudimentary technol-ogy available in the early 19th century and the enormous productivity gains which occurred ever since, from today’s point of view their concerns seem rather funny. The demand for labor did not fade in the last 200 years. Yet they were right that in principle, there is no mechanism in a market economy which en-sures that there will always be (sufficient) demand for labor. In their book “Race against the Machine”, MIT economists Erik Bryn-jolfsson and Andrew McAfee look at this old question in light of the computer revolution. The argument that we will run out of labor de-mand is centuries old but always turned out to

be wrong. Therefore nobody, including Byn-jolfsson and McAfee, dares to predict the end of labor yet another time. Nonetheless, it is clear that many jobs which were recently con-sidered to be solid sources of income might soon become obsolete. Last time that I was in Germany, my parents surprised me with their new vacuum cleaner robot – the robot vacuum cleans the whole house automatically, one just has to switch it on. Will there be demand for cleaning personnel in 10 years? I myself was a bit worried when I read about a software which constructs mathematical proofs au-tomatically. Will there be demand for math-ematical economists in 20 years?

WHAT IF LAboR beCoMes obsoLeTe?If demand for human labor really declines

for these fundamental reasons, we run into various problems. First of all, the biggest part of the economic output (about 60%) is dis-tributed to the people as wages. How will we distribute the fruits of the production process when work input and performance cannot be the criterion anymore?

Secondly, for most people labor has more functions than just being the source of income. What will ordinary people do when they are not needed in the production process any-more? Not everyone is an artist or a Bohemian who has plenty of rewarding options how to spend time. For many people, their work struc-tures their days, and their workplaces are of-ten hotspots of social interaction. Unemployed people tend to degenerate and to lose social connectivity.

As I see it, economics does not have an an-swer how to tackle such a situation. Let’s just hope that we can go on for another 200 years without labor demand running short!

THe IseT KHACHApuRI INDeX

The ISET Policy Institute (ISET-PI, www.iset-pi.ge) is an independent think-tank as-sociated with the International School of Economics at TSU (ISET). ISET-PI designed a simple and robust way of tracking inflation and the differences in the cost of living across Georgia’s major cities. Unlike traditional “consumer baskets” used for monitoring price inflation, our “basket” includes only those in-gredients that are needed to cook one Imere-tian khachapuri (cheese, butter, flour, yeast, eggs, and milk) and energy inputs (gas and electricity). We conduct a monthly survey of the major markets in Tbilisi, Kutaisi, Batumi and Telavi to measure the differences in the cost of living across Georgia and to track the monthly fluctuations in the prices of all rel-evant ingredients.

Author: Florian Biermann .

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3HEADLINE NEWS & ANALYSISFINANCIALFINcHANNEL.com | 18 FEbruArY, 2013

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NuMbeR oF TouRIsTs FRoM

NoRTHeRN NeIgHbouR

INCReAseD bY 72% sINCe vICToRY oF

IvANIsHvILIThe FINANCIAL

By MAdoNA GAsANovA

From September 2012 till February 2013 the number of Russian tourists in Geor-gia increased by 72% com-pared to the same period of

the year before. During the past five months Georgia has hosted 204,495 Russian visitors, of which almost half are friends and relatives of Georgian residents.

The number of Russian tourists in Georgia during the same period of 2011/2012 was 119,053.

“41% of Russian residents come to Georgia to visit friends and family,” Rusudan Mamatsashvili, Head of the Planning and Development Depart-ment at Georgian National Tourism Administration (GNTA), told The FI-NANCIAL. “Leisure and recreation is the main purpose of foreign nation-als when visiting Tbilisi. Thirty-two percent of Russians visited Georgia for leisure and recreation while 5% travelled for business,” Mamatsash-vili said.

To restore relations with Geor-gia’s northern neighbour was one of the main promises made by Bid-zina Ivanishvili, currently holding the seat of Prime Minister. Russia has taken steps to resume the import of Georgian-produced wine and mineral water, originally banned by Russia in 2006.

Some think Mr. Ivanishvili has

struggled to meet the expectations that swept him to power in October, ending the nine-year political domi-nance of President Mikheil Saakash-vili and his party. Many voters ex-pected his election to be followed by immediate financial relief and a turn-around in relations with Russia.

Leading Georgian hotels, Radisson Blu Iveria and Tbilisi Marriott Hotel have, however, seen an increase in guests of Russian origin.

“The number of Russian guests at our hotel has doubled since October 2012 in comparison with the previous year,” said Nina Asatiani, Director of Sales and Marketing at Radisson Blu Iveria. “The total number of Russian guests at the Hotel in 2012 was 5,857. During the whole year the Hotel host-ed the largest number of Russians in October, when their number reached 869,” said Asatiani.

Russians are the second largest group of foreign nationals among the guests of Radisson Blu Iveria. Ameri-can guests make up around 19%, tak-ing first place.

“The number of Russian guests increased by 12% from October 2012 compared with the same period of last year. The majority of our guests visit the country for business,” said Alex-ander Kvaratskhelia, Cluster Director of Sales and Marketing at Tbilisi Mar-riott Hotel.

The leading guest nationalities by numbers at Tbilisi Marriott Hotel are US, British, Russian, German, Ukrai-nian, Azerbaijani and Armenian. Tbilisi Marriott Hotel has 127 rooms, while Courtyard by Marriott has 118.

According to GNTA, more than half of Russian travellers - 52% - visited the homes of friends or relatives while in the country. Almost a quarter - 23%

- stayed in private accommodation. As for hotels and guest houses, 14% and 5% of Russian visitors respectively stayed there. It should be noted that in comparison with the nationals of other countries, Russian travellers rarely stay in paid accommodation while in Georgia.

According to research conducted by GNTA from May 2011 - April 2012, the average duration of stay of Rus-sian tourists in Georgia is 26 days. This figure is high compared to other countries. A significant share of visi-tors - 16% - visit Georgia for just a sin-gle day. About one fifth - 21% - remain in the country for more than a month. Russian residents spend on average GEL 790 during visits to Georgia.

Forty-two percent of Russian trav-ellers used air travel as the mode of transport to reach the country, out of which 12% used Georgian air com-

panies and 30% - foreign. About one fifth - 19% - travelled by car.

The majority of Russian residents - 54% - travelled to Georgia alone. Ap-proximately 34% visited the country with other family members. Just 10% arrived in Georgia with friends.

The number of Russians who had organized their trip themselves was 72%, 15% of trips were arranged by friends/relatives, and just 4% were organized by companies or people’s places of work.

Tbilisi with 67% and Batumi with 40% are the most popular destina-tions for Russians in Georgia. Other popular destinations within Georgia include Mtskheta - 9%, Kutaisi - 8% and Kobuleti - 6%.

The Russian websites www.kom-mersant.ru/money and finam.ru ran online surveys on their respective sites asking readers to vote on wheth-er they would like to visit Georgia. From 30 January to 7 February a total of 3,672 visitors voted on the kom-mersant website. 56.94% said that they would like to visit Georgia while 43.06% said that they would not.

The website www.finam.ru ran a survey with the same question. In total 1,554 of the webpage’s visitors voted. Out of them 31.21% confirmed that they would want to visit Georgia while the majority of voters - 68.79% - said ‘no’.

From October to December 2012, 62 Russian companies were regis-tered in Georgia. The number for the same period of the previous year was 48. Against the background of a signif-icantly increased number of registered Russian companies the total num-ber of new businesses in Georgia has dropped since the 1 October elections. The amount of registered companies from October till January 2012 was 10,001, while for the year before it was 14,071. This statistical data was pro-vided to The FINANCIAL by the Na-tional Agency of the Public Registry.

The total number of companies reg-istered in Georgia in 2012 was 43,934 while in 2011 it was 54,081.

New Flow of Russian Tourists to Georgia

Adv

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Com

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biznesis personaluri radio

[email protected]+995 32 2505 955

biznesis personaluri radio

[email protected]+995 32 2505 955

Money Transfers In January

In January 2013, the volume of money transfers from abroad con-stituted 94.1 million USD (156.1 million GEL), which is 9.7 million USD (16.2 million GEL), or 11.5

percent more than the same amount for January 2012.

93.2 percent of total money transfers from abroad fall on those 11 big donor countries, from which the volume of such transfers exceeded 1 million USD in January. In January 2012 the share of these 11 countries constituted 91.4 per-cent of the total volume of money trans-fers.

In January 2013, 9.5 million USD (or 15.7 million GEL) were transferred from Georgia instead of 6.9 million USD (or 11.5 million GEL) in January 2012.

In the reference month, the structure of remittances by electronic wire sys-tems is shown on the graph below.

volume of money transfers

in January, 2013 Million US Dollars

Structure of money transfers by the biggest donor countries %

January, 2012

January, 2013

Total 94.1 100.0 100.0

russia48.7 49.4 51.7

Greece12.7 13.5 13.5

Italy8.3 9.7 8.8

uSA5.1 6.6 5.4

ukraine3.8 3.8 4.1

Turkey2.2 2.0 2.3

Spain1.8 2.7 1.9

United Kingdom1.7 1.2 1.8

Israel1.3 1.1 1.3

Germany1.1 0.9 1.2

Azerbaijan1.1 0.6 1.1

Cooking to Become Compulsory Part of School Curriculum

The FINANCIAL

Cooking lessons will become a compulsory part of the school curriculum in UK, with chil-dren as young as eight learning how to cook nutritionally bal-

anced food.Those are the plans under the new draft

national curriculum, which would also see secondary school pupils learning a range of cooking techniques.

Although “food technology” is part of the design and technology syllabus at the mo-ment, it is not an independent part of the national curriculum.

“For the first time ever cookery will be a compulsory part of the curriculum from Key Stages 1 to 3”, A spokesman for the Department for Education said. “The new design and technology curriculum is about giving pupils the knowledge needed for their daily lives. Given the obesity is-sues that face our children today, it is vital that they know as much as possible about healthy eating and what constitutes a bal-anced diet.

“It’s also important that they can devel-op an interest and understanding of good food. By bringing this into the curriculum, we want to encourage children to develop a love of food and cooking that will stay with them as they grow up.”

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FrANk kLoBuCArGorBI

Georgians are generally untrusting of most of their national institutions, such as the me-dia, though not so much as some other ex-soviet countries. In this recent poll conducted by Georgian Opinion Research Business In-ternational, we asked respondents about their trust in a few broad categories of public insti-tutions in their respective countries, includ-ing newspapers, TV and radio, and the police. This trust was measured on a ten point scale, where one represents absolute distrust and ten means the respondents trusts the institu-tion “completely.” In the asking, we discovered that Georgians trust their media, both print and broadcast, less than every other surveyed country save for Russia and Ukraine.

On the other hand, the police enjoy a well-above-average level of faith from Georgians, most likely as a result of the massive overhaul under President Saakashvili and the resultant disappearance of low-level corruption. Only Azeris trust their police more, but then again, Azeris trust everyone more, being the most confident in all their institutions. The only ex-

ception is how trusting the Kazakhs are of their newspapers. Ukrainians were the least trust-ing of every institution, and gave their police a particularly low score (3.58).

Newspaper TV/ radio PoliceArmenia 5.64 5.93 5.73

Azerbaijan 5.90 6.87 7.20

Belarus 5.57 5.76 6.04

Georgia 4.93 5.32 6.75

Kazakhstan 6.1 6.55 5.86

Moldova 4.97 5.59 3.96

Russia 4.67 5.14 4.46

Ukraine 4.65 5.11 3.58

So if people don’t like their public institu-tions, why don’t they take democratic action to change them? Aside from the fact that even in the most democratically developed country in this survey still suffers from “one man show” syndrome and other major speed-bumps to democracy, it seems that the vast majority of citizens don’t feel that it’s even possible to af-

fect change on a national level. We asked re-spondents in each country to agree or disagree with the statement, “I can influence my na-tional government.” In total, only about 15% agreed in any sense, the rest affirming their lack of efficacy.

Russians had the least faith in their democ-racy, with 9% feeling they could influence their government, while Armenians had the most, at 21%. Georgians had essentially the same low efficaciousness as Russians, only 10% agreed with the statement. However, keep in mind that this poll was conducted prior to the most recent elections; Georgia is a constantly changing place, and several of these numbers may have already begun to change.

“I can influence my national government”

Agree DisagreeArmenia 21% 79%

Azerbaijan 18% 82%

Belarus 18% 82%

Georgia 10% 90%

Kazakhstan 19% 81%

Moldova 14% 86%

Russia 9% 91%

Ukraine 14% 86%

With a real and recognized democratic tran-sition of power, Georgians may have begun to think of themselves as members of a true democracy. With the release of thousands of prisoners, and the nearly inevitable jump in crime rates, Georgians may start doubting the police’s ability to keep them safe. So stay tuned - over the coming months GORBI will continue to conduct our regular polling, and we’ll begin to see just how these recent changes will affect Georgia’s public trust and efficacy. Visit our website at gorbi.com for more articles and ar-chives.

Institutional Trust and Efficacy


Since the parliamentary elections, companies op-erating on the Georgian market have reduced their activities. The business

sector has become comparatively passive in recent times, a fact that is confirmed by the latest statistics. An almost 20 percent decrease was observed in registering business in 2012 compared to 2011 according to the Public Registry Service. Experts say that the reason for the decrease in registering business is due to the unstable political situation.

Besides the elections and rela-tively unstable political situation, another reason for companies’ rela-tive inactivity is that the current gov-ernment intends to revise all of the projects that were started under the previous government, experts say.

“Declines in foreign investments, export and import have been statisti-cally confirmed, and are supposedly the result of a cautious attitude in re-sponse to the recent political chang-es,” said Paata Sheshelidze, economic expert and President at New Eco-nomic School - Georgia. “It seems to be largely a decline of the activities of those companies who were involved in various projects of the previous government. Governmental interfer-ence in business is changing due to the new government - a number of fields are now financially dependent on government funds or budgets. The way out is economic liberty, tax cuts and reduction of state costs. It is important that the Georgian Lari is guaranteed by gold, which will elimi-nate inflation,” he added.

“The United National Movement government’s narrative was that Georgia was modern and forward-thinking, cheaper to operate in than Europe and less corrupt than Bul-garia/Romania,” a US businessman in Georgia, who wants to remain anonymous, told The FINANCIAL. This person is currently holding ne-gotiations on multimillion projects with the Government.

“The winning party declared that

Georgia was a corrupt police state and that businesses here were liv-ing in fear. During the lead-up to the elections, foreign financiers and investors stopped providing funds for Georgian commercial activity. The winning party informed foreign press that the UNM was raising pri-vate armies for a civil war in Same-grelo, and that turned a lot of inves-tors off. After the elections, business has been stagnant in some sectors. Anything related to large scale in-frastructure or construction is at a complete standstill,” he said.

“Investment activities dependent on foreign investment have mostly halted, apart from those businesses backed by Russian investors. In our case, investors who had signed our term sheets for substantial labour-intensive investment projects have backed out of investment deals, cit-ing unacceptably high sovereign risk and political uncertainty. These

investors are from the Netherlands, China and Japan. In the case of our operations, USD 20 million worth of investment for 2013 has been can-celled, which would have employed over 300 people in development and 150 people permanently,” he added.

“Service companies that provide support to large infrastructure and construction projects are hit very hard, as many hydro projects have been suspended by the new govern-ment. One friend who owns such a company has had to sack half his staff this week; his firm is well estab-lished and has been operating suc-cessfully for a decade. Another friend in the same situation is considering closing his business, dismissing his twenty local staff and relocating to the EU. A third friend in the same sector sees no further potential for growth in his Georgian business and is investing in Kazakhstan to secure the future of his company,” he said.

“Another problem is that binding contracts signed with the previous government are not being honoured by the new government; the phrase “review of previous contracts” is used to delay payment for an unac-ceptable period, causing distress to companies owed large sums of mon-ey. Bad debts left by the previous government are not being settled by the new government either, despite promises to do so,” he said.

“There is a macro-economic risk that the government honouring its huge public spending promises will drain the budget, and additional taxes will be levied on business to pay for it, which will be very nega-tive. The old concept of needing an intermediary to meet with ministers seems to be making a comeback, which in such a small country is unnecessary. It damages efficiency and is a recipe for corruption. If the Government can tackle high-level

corruption, collusion and nepotism as promised, while maintaining a light regulatory touch, and a low-tax environment, then strong capital in-flows into the private sector should restart,” he said.

Fifteen out of twenty companies asked to comment about the dynam-ics of business activities since the parliamentary election, preferred to keep silent.

“We would prefer that any com-ments that we make focus purely on our project and/or the retail market. Therefore we prefer not to comment on this issue,” said Tim Wilkinson, Managing Partner at Redstone Asset Management.

“I do not have reliable informa-tion about declining companies’ activities in Georgia,” said Mamuka Shurgaia, CFO at SRG Investments LLC. “Accordingly, I cannot give you any examples regarding this is-sue and cannot confirm whether this information is correct or not. At our company such a thing has not hap-pened,” he added.

“At Magticom we are seeing an increase in activity since the elec-tions,” said David Lee, the President of Magticom and Chairman of the Eurasia Partnership Foundation. “I think that the political challenges will result in caution with regard to new long-term investments until the poli-cies of the new government become clearer and co-habitation becomes less fraught. However the recent progress in the Deep and Compre-hensive Free Trade Agreement, the improving trade relations with Rus-sia and the new agricultural develop-ment plans are big ticket items that should quickly improve confidence in many sectors,” he added.

“We are making huge gains in our Satellite TV business and de-mand for internet continues to grow strongly, particularly in the regions. As the agricultural investments this year “take root” there should be real growth in the regions. I see more up-side than downside right now, prob-lems are being addressed. Business-es need to plan and feel confident of the future and the new government is doing a lot to make this happen,” Lee added.

Business Activities in Decline since Parliamentary Elections


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The European Business Awards is a European awards programme started in 2006. Since then the European Busi-

ness Awards has established itself as the ultimate platform for outstand-ing businesses in the EU. Designed to celebrate exceptional results across a variety of categories, the EBAs are a global showcase for the best in the business.

The main principles behind the Awards are Innovation, Finan-cial Success, Business Ethics and having an International Mindset. These principles enable compa-nies of all sizes and industries to be judged on an equal standing and highlight the characteristics of long term successful businesses.

The Awards are judged by more than 200 very senior people who are drawn from business, aca-demia, government and the media. The panel includes CEOs, entrepre-neurs, management consultants, editors, ministers and prime min-isters, past and present. From Yves Leterme (ex-prime minister of Bel-gium) and José Maria Anzar (ex-prime minister of Spain) through to Fleming Lindelov (ex-CEO Carls-berg) and Luc Bardin (Group Vice President of BP).

Since 2010 the European Busi-ness Awards has been supported by The FINANCIAL. Zviad Poch-khua, Editor-in-Chief, is one of the judges.

“In my early 20s I founded and built up a publishing and me-dia business that I sold in 2007,” Adrian Tripp, CEO, EBA. “After the sale of my previous business I wanted to found a social enterprise that would work towards creating a stronger and more successful busi-ness community in Europe, a busi-ness community that could support our social and healthcare systems and provide prosperity for the citi-zens of Europe for generations to come.”

“We live in an increasingly glo-balised world, which provides great opportunity but also brings much greater competition. I believe it is important that we recognize inno-vative, ethical, financially success-ful businesses that have a strong in-ternational mindset. Those are the types of businesses that we will be able to build successful economies around.”

“By showcasing and bringing at-tention to the very best businesses

we help them to succeed and pros-per by providing excellent visibility and endorsement. They in turn will create more jobs and pay more tax-es which is good for society.”

“We also look at what makes those businesses successful and share those learnings with the rest of the business community. And

lastly we use the Awards and the companies featured to stimulate the debate within society around what the future shape, form and substance of the economies of Eu-rope should be. As the competition has grown so significantly over the last few years, we are more and more able to achieve the goals and objectives outlined above.”

Q. What do businesses gain from the Awards? What are the biggest benefits for com-panies participating in the Awards ceremony?

A. With over 15,000 companies engaged in the programme across 30 countries every year, 5 stages of judging and more than 200 judges, with participating companies hav-ing a combined turnover of more than EUR 1 trillion, this makes the European Business Awards very highly regarded and gives it excel-lent levels of visibility.

There are many benefits of enter-ing; the entry process is a very pow-

erful and robust way of reviewing exactly what has made the entrants successful. It also enables them to benchmark their performance against the most successful busi-nesses in Europe.

It also shows to staff, investors and clients that the leaders of the business are proud of what they as a business have achieved.

If companies get through and become award winners the acco-lade has very powerful business benefits, many of our previous win-ners have: generated new business and partnerships; have secured new investment to help them grow; some have undertaken mergers and acquisitions on the back of their achievements. They all benefit from significant international exposure and visibility.

Q. What should Georgian companies do to take part in this competition and in gen-eral to increase their competi-tiveness globally?

A. It is a great way for Georgian companies to create better visibil-ity on a European and global stage. The Awards are also a very effective platform for Georgian companies to build relationships with other very successful businesses throughout Europe. Every year we see many partnerships and much business done between European Business Awards finalist companies.

Q. What are the typical characteristics of Georgian companies that make them different from European ones?

A. Well-run businesses all over the world have similar character-istics, they have strong and driven management teams, they are con-stantly innovating to improve their competitive position in the market and are very sensitive to the needs of their clients. The best Georgian companies have the same charac-teristics.

Q. In your opinion how is the business environment im-proving in Europe and what are the main challenges still?

A. A more stable outlook for the Euro and Greece has taken away some of the uncertainty business leaders were facing when making important investment and expan-sion decisions, which is good. On the other hand, the macroeconomic conditions prevalent throughout Europe are still very challenging. We have seen this year across all of the entrants in the Awards signifi-cant pressure on margins. This in turn has an impact on investment and medium-term growth.

Q. Which are the most dy-namic companies and sectors in Europe so far? Why?

A. In every industry, both new and old, highly competitive to emerging, there are great compa-nies doing amazing work. From H&M (Sweden) to Pirelli (Italy), Sener (Spain) to Mercator (Slove-nia) they have all found a way to unlock value and are prospering.

The digital space in all its forms shows high levels of innovation and activity as does the biotech and renewable energy industries. Although all would do significantly better if there was a better-func-tioning investment environment.

More Than 15,000 Companies Participating in European Business Awards

“Companies like Goodwill, GM Pharmaceuticals, M Group and MediClubGeorgia have been very successful in making it as finalists of the Awards. As yet we have not had a European Business Awards Category Winner,” Adrian Tripp, CEO of the European Business Awards

“Six years ago we started with just 200 companies engaging in the Awards, this year there will be more than 15,000”

MoRe THAN oNe IN FouR RespoNDeNTs

RepoRT THeIR oRgANIzATIoNs WeRe THe vICTIMs oF AT LeAsT oNe

CYbeRATTACKThe FINANCIAL

More than one in four (28 percent) of re-spondents surveyed report their organiza-tions were the victims

of at least one cyberattack in the past year; nine percent report multiple breaches and an alarming 17 percent were not confident that their organi-zations could even detect an attack, according to a Deloitte Tech Trends poll of 1,749 business professionals.

“It’s no longer a discussion about if an organization will get hacked, but only a matter of when, and how quick-ly and effectively it will respond,” said Mark White, principal and chief technology officer, Deloitte Consult-ing LLP. “Organizations across many industries need to change the lens through which they view cyber risk – not only relying on traditional secu-rity controls to reveal tell-tale signs of an effective attack – but by consider-ing transforming the way they defend, detect and even manage security by leveraging cyber intelligence and ad-vanced techniques to help identify the coming threat and proactively re-spond.”

Additional findings from the poll include:

Response times to identify and ad-dress breaches vary, with plenty of room for improvement. Almost half (48 percent) of respondents polled said their organizations identified and triaged threats within hours, while approximately one in five (21 percent) reported their organizations did so within a week, and nearly one in 10 (9 percent) said it took more than a week.

People, process and technology are ALL critical to cyber threat programs.

Respondents said the following concerned their organizations the most regarding their cyber threat pro-grams:

infrastructure and technology (28 percent);

right talent/right skills (26 per-cent);

effective operational processes (24 percent) and adequate resourcing/funding (22 percent).

Consumer/personal information is highly valued by cyber criminals and organizations invest heavily trying to protect it.

Respondents put a high price tag on consumer/personal information, with approximately half (49 percent) reporting that this type of data would be of most value to cyber-criminals, followed by intellectual property (27 percent); corporate strategy informa-tion (13 percent) and financial perfor-mance information (11 percent).

Consistent with this data, more than half (55 percent) of respondents said their organizations most heavily invested in protecting consumer/per-sonal information, followed by intel-lectual property (23 percent).

“Cyber security may sound techni-cal in nature, but at its core it is a busi-ness issue. Any company’s competi-tive position and financial health may be at stake. Business and technology leaders need to engage in effective dialog about what the business val-ues most, how the company can drive a competitive advantage and which information and other digital assets are the most sensitive. Brand, cus-tomer trust and strategic positioning may be at risk,” said Kieran Norton, principal, Deloitte & Touche LLP and leader of Deloitte’s U.S. cyber threat management practice. “There may be no such thing as hacker-proof, but there’s a chance to reduce your cyber beacon, be less inviting to attack and proactively establish outward- and inward-facing measures around your most valued assets.”

You’ve Been Hacked, Now What?


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“INTeResT RATes oN LoANs AND DeposITs

WILL DRop DoWN bY 1-1.5 peRCeNT IN 2013”, CHIeF ReTAIL bANKINg oFFICeR

sAYs

The FINANCIALBy NANA MGheBrIshvILI

Interest rates on loans and de-posits will drop down by 1-1.5 percent in 2013, Valerian Gabu-nia, Chief Retail Banking Of-ficer at VTB Georgia told The

FINANCIAL. “This is a very important change for the banks but sometimes such changes seem trivial to custom-ers”, he believes.

VTB Georgia which was listed among the best banks in Georgia in terms of service quality in 2012, is go-ing to broaden its small network. The bank is going to be maximally involved in agri-projects which are already sup-ported by new Georgian Government.

“We are acting very aggressively in all markets. As a result we hold first place in growth out of VTB’s global group, (apart from Stat-up projects in newly entered countries)” said Va-lerian Gabunia, Chief Retail Banking Officer at VTB Georgia. “Our bank as well as the market is small compared to others. We can’t compete with them by size, but by quality and growth rates we do.”

“This problem is especially appar-ent in the regions. We currently have 22 branches in the whole country, a number which is not corresponding to our growth rate. We are going to add minimum 6 new branches in Georgia in 2013. VTB is annually investing in the growth of its chain,” he noted.

VTB Georgia experienced 51 per-cent growth in retail in 2012 while the whole market grew by 16 percent dur-ing the same period. In total the Bank issued up to GEL 250 million worth of loans in the retail & SME sector. At the same time the deposits form individual customers grew by 45 percent, which is almost twice more than the total mar-ket as it experienced growth of just 23

percent. The SME credit market in-creased by approximately 11 percent in 2012 and VTB’s corporate credit port-folio - by 26 percent.

“2012 was definitely successful but we will not be able to maintain a similar percentage of growth in 2013. Still we will grow twice more than the market. Generally speaking, the bigger the business is the smaller the growth. Brand awareness of VTB bank grew significantly last year and this will cer-tainly have positive impact on 2013 re-sults of VTB Bank.

Q. VTB Bank has changed its main focus and is now focusing more on the retail than corpo-rate segment. Was it this that caused the large growth of the Bank?

A. VTB Georgia has been oriented on corporate business for a long time. We always had a retail segment, but it made up only 30 percent of total activi-ties. About two years ago we changed our focus and made the Bank more universal. We then later turned more to the retail segment. Still we are main-taining strong positions in the corpo-rate sphere, but this segment is some-how limited in Georgia. At present the retail segment makes up 55 percent and we are trying to increase it up to 60 by the end of 2013.

Q. You entered the Pos.Credit market at the end of 2012. What are the prospects of this sector for VTB?

A. We are very active in this market as the potential seems great. There are several large, established banks that have been operating in this direc-tion for several years, but we are suc-cessfully competing with them. We have an innovative attitude toward this. Our officers are dressed less for-mally. They are working with tablets and don’t have desks in the branches. This makes their activity faster and more convenient and approachable for customers. The process of filling out a leasing application is simplified as well.

VTB has no analogue in terms of fast products like Pos. Credits and auto loans. We are the quickest and the most flexible so we strongly believe that clients appreciate that.

Q. What are the other innova-tive products that you offer?

A. We offered a unique credit card several weeks ago. This segment is es-

sential for us as well. All banks are very active in this direction but we offer the best terms. The tariffs are lower com-pared to others and the interest rate is the lowest. We offer a credit card for just 30 percent of annual interest rate. The rate at other banks starts from 36 percent. Our calculations are very posi-tive and we are more than managing to compete with the other big players.

We also plan to become more ac-tive in the consumer loans segment as this is the most popular product in the Georgian banking market.

Q. VTB focuses on SMEs as well. How do you attract busi-nesses? What tools do you use that help in gaining success?

A. We recently ran the campaign - ‘Minus 3’. We offered businesses the opportunity to switch their loans to VTB for a minus 3 interest rate and better terms. The product was found to be in great demand as we gained about 200 new SME clients who all trans-ferred from other banks.

Q. Whom do you consider to be your main competitors in the market? Microfinance organiza-tions focus on small and medium loans as well. Does this influence your business?

A. We don’t feel any competition with microfinance organizations. They have higher interest rates than any bank and ask for bigger collateral. Still the segment is developing successfully. Microfinance organizations help busi-nesses to start up, which then later could become the clients of us banks. In my opinion, this is quite a good practice.

As for the banks, Bank of Georgia and TBC Bank are our main competi-tors in terms of retail and corporate clients. ProCredit Bank is our main ri-val and donor for crediting SMEs. We, along with the other banks, are trying to win over their clients as it is the leading bank in this direction.

Q. Have the government changes influenced your busi-ness in any way?

A. They have not influenced VTB Bank at all. The retail sector continued its usual activities, both in the run-up to, and since, the election period. The SME segment tended to be a little bit passive during this period but they have since become very active in a short period of time. Even January was a very active period.

VTB Georgia Experienced Biggest Growth in VTB Group

Valerian Gabunia

The FINANCIAL

U.S. consumers de-rive more value from media online—net of the associated costs—than they receive

from offline media, according to new research by The Boston Con-sulting Group.

BCG calculates that the aver-age U.S. connected consumer, or online user, receives a “consumer surplus” from online media of ap-proximately $970 per year—or about 2.5 percent of the average U.S. annual income—compared with approximately $900 for of-fline media. Consumer surplus is defined as the value consumers themselves place on a media-re-lated activity or product over and above what they pay for it.

The BCG study—detailed in the report Follow the Surplus: How U.S. Consumers Value Online Media—examined the surplus consumers derive from each of seven categories—books, radio and music, U.S. newspapers and magazines, TV and movies, video games, international newspapers and magazines, and user-generat-ed content (UGC) and social net-works.

The highest consumer surplus ($311), accounting for about one-third of the online total, comes from UGC and social networks accessed through such platforms as Facebook and YouTube. Books fall at the opposite end of the spec-trum: they generate the greatest offline surplus, even taking into account fast-selling e-books.

“The fact that the consumer surplus is already higher for on-line media is somewhat extraor-dinary, given that online revenues represent less than 15 percent of the total media industry pie,” said John Rose, a BCG senior partner and coauthor of the report. “This surplus will only continue to grow, driven by consumers’ appreciation for an expanding array of high-quality content and the prolifera-tion of devices.”

The BCG study found that de-vice ownership is increasing, with proliferation driven first by the desire for mobile access, then by fragmentation of use—that is, con-sumers using different devices for different purposes in different sit-uations throughout the day.

The average consumer today

owns 2.9 devices—almost double the figure from three years ago—and expects to own 4.1 devices in three years’ time. The number of hours spent consuming online media jumps 50 percent when people start using a second con-nected device, which is often their first mobile device. It rises again for consumers owning five or more devices, by as much as 25 percent. Owners of multiple devices report big increases in value from online media consumption.

“Shrewd media companies that build effective digital capabilities will enjoy opportunities to extract some of this growing consumer surplus for themselves,” said Neal Zuckerman, a BCG partner and coauthor of the report. “They will need to develop products that work across the growing range of devices and capitalize on both new and existing models of com-mercialization, including adver-tising, new products and services, an increasing ability to charge for online content, and the still-evolv-ing ecosystem for monetizing the massive volumes of consumer data that the Internet serves up.”

Study also showed: More than two-thirds (68 percent) of con-sumers say they have more access to higher-quality online content today than three years ago.

Nearly two-thirds (62 percent) cite the unique nature of such con-tent as a major reason to go online.

The same percentage believes that the Internet promotes U.S. culture abroad.

More than three-quarters (77 percent) feel that it is their own responsibility to filter for accurate online content, and they believe they have the capability to do so effectively.

By a margin of some five to one, U.S. consumers are more excited about the Internet’s potential re-wards than they are worried about the potential risks.

The patterns of media consump-tion in the U.S. are remarkably consistent—especially for online media—across age, gender, and region. But what people are do-ing while they are online can vary. For example, men and women consume the same amount of on-line media—12 hours a week (men consume slightly more offline me-dia)—but men listen to significant-ly more music online while women enjoy more online interaction through UGC and games.

U.S. Consumers Get More Value from Online Media than Offline, BCG Study Finds


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The FINANCIALBy NANA MGheBrIshvILI

Retail development re-mains one of the top sectors to finance for Bank of Georgia. Two new residential build-

ings at 19 Ingorokva Street and 5 Ingorokva Street, two of the best recently-finished residential houses in Tbilisi, built with Bank of Georgia loan, are ready to receive the dwell-ers.

“This is an example of a success-ful project financed with our loan,” said Archil Gachechiladze, Deputy CEO at Bank of Georgia. “We issued a loan of up to USD 10 million for the two housing projects. Overall Bank of Georgia financed the construction sector with more than USD 20 mil-lion in 2012.”

“In total we financed 6 projects in this sector last year. As of today, the number of the projects financed by Bank of Georgia loan that are close to being finished, or are in the ac-tive phase of construction, is close to 15. Bank of Georgia is continuing to finance all adequately-planned construction projects in 2013, as it is one of our priorities,” he added.

The residential building in 19 In-gorokva Street, known as ‘House near the Parliament’, has total space of 35,000 square metres. The prices of the flats vary from USD 1,500 to USD 1,800 per square metre. Flats are available from 100 square me-tres to 500. The building contains 91

flats, 84 garages, 11 shopping and 32 office spaces. The building will soon have a café, fitness centre, children’s entertainment room and other fa-cilities. The design of the residential house is outstanding as well.

“60 percent of the flats are already sold,” said Bezhan Tsakadze, one of the founders of Georgian Develop-ment Group (GDG). “Our coopera-tion with Bank of Georgia is bilateral and some of our clients have mort-gage loans at the Bank. Generally speaking, we couldn’t have finished the building without the support of Bank of Georgia. Working with the Bank has been very fruitful and con-venient as well as easy for us.”

The other residential building, in 5 Ingorokva Street, counts 27 flats and one commercial space.

These two residential houses are not the only projects of GDG that are supported by Bank of Georgia. A building in Bagebi will be finished in May 2013 and another house on Nutsubidze Street will be completed in a month and a half. According to Tsakadze, the company plans to build an ultra-modern house near Vake Park, and they will be cooper-ating with Bank of Georgia on this project as well.

While banks have been heavily blamed for not financing the devel-opment sector sufficiently, Bank of

Georgia has been intensively issu-ing loans for the building of new residential houses. The Bank has financially supported projects by such companies as Arsi (in Ortacha-la and Avlabari), Kalasi, Tiflis De-velopment, Kera+, Saba+, D+ and others. Bank of Georgia is also par-ticipating in the projects of Tbilisi Hall known as The Rehabilitation of Old Tbilisi.

“Unlike the pre-crisis period, after the crisis we initiated and created a special engineering monitoring group, which observes the spending of the financing during the construc-tion process. This helps the projects to be finished on time,” Gachechi-ladze explained. “Thanks of this, we know precise information about when the building will be finished and the issuing of mortgage loans becomes easier for the Bank as well. Demand for mortgage loans has been gradually growing since 2009. We suppose that it will grow further, concurrently with the economic growth in the country.”

“As for the criteria for financing the developers, there are several factors. First, is that the companies should have a downpayment. It is required that the company owns the land it wants to build on. The com-pany’s capital and experience are essential for cooperation as well. Unfortunately, the number of such businesses in Georgia is not big,” he added.

Bank of Georgia continues to fi-nance developers and construction business in 2013.

Bank of Georgia Continues to Finance Construction Business

The FINANCIAL

Love is in the air and with Valentine’s Day just past, coupled-up men wanting to pop the question on the most romantic day of the

year may be inclined to think that the more expensive the ring, the more appreciative their fiancée will be.

Research from London Business School, however, shows that a shows that a woman’s appreciation of her ring is not strongly based on cost.

A study co-authored by Dr Gabri-

elle Adams, Assistant Professor of Organisational Behaviour at London Business School, discovered that men believe the more they spend on an engagement ring, the more ap-preciative the receiver will be. How-ever, in reality women are not more appreciative if the cost is more, ac-cording to the outcomes of the study.

Dr Adams said: “Our study sug-gests that men may not need to spend as much as they think they do on an engagement ring. Women’s appreciation levels were less strong-ly correlated with the estimated price of the ring.”

The study asked recently engaged Americans from a popular weddings website to complete a survey, assuring participants that their answers would not be shared with their fiancée. In the study, ring-givers predicted high-er feelings of appreciation from price than the receivers, who reported no difference in appreciation for an ex-pensive ring than an inexpensive ring.

With research suggesting that men can often spend the equivalent of three month’s salary on an engage-ment ring, the study offers some timely comfort to those shopping on more of a budget this Valentine’s Day.

‘Thanks for the diamond ring, but you shouldn’t have spent so much!’

The FINANCIAL

The world economy is showing signs of bright-ening after six months of stagnation, according to a global survey of eco-

nomic experts by the International Chamber of Commerce (ICC) and the Munich-based Ifo institute for economic research.

The latest ICC-Ifo World Econom-ic Survey (WES) shows a climate indicator of 94.1 for the first quarter of 2013, up from 82.4 at the end of 2012 after two quarters of decline. The new global rise was driven by a significant increase in experts’ op-timism for the six-month economic outlook. Meanwhile, assessments of the current economic situation im-proved only slightly.

ICC Secretary General Jean-Guy Carrier was encouraged by the sur-vey results, but remained cautious. “While the signs of a renewed eco-nomic optimism are a boost to con-fidence, fresh approaches by govern-ment and business are still urgently needed to drive economic growth,” he said.

Ifo said positive business data from China and the US, after the first fiscal cliff had been averted, had helped lift the gloom. Another comfort was European Central Bank President Mario Draghi’s pledge last year to do “whatever it takes” to pro-tect the eurozone from collapse.

Asia brightens -- The sharpest im-provement in economic climate was seen in Asia, where the ICC-Ifo eco-nomic climate indicator rose above its long-term average. Since the end of 2012, experts have become more upbeat about Asia’s economic situ-ation and expectations have surged.

The economic indicator for North America rose too, mainly due to the view that the current economic situ-ation had improved, although it was still “not completely satisfactory”.

Euro zone’s glimmer of hope -- Hans-Werner Sinn, President of the Ifo institute, said: “Assessments of the euro zone’s six-month economic outlook are now at their most posi-tive for nearly two years which sig-

nals a glimmer of hope for the euro area’s economic situation.”

Overall, the survey showed the economic climate in Western euro areas to be poor but improving. This is mainly because of significantly brighter six-month expectations – in all euro countries apart from Esto-nia.

Survey respondents described the economies of Greece, Italy, Portugal, Spain and Cyprus as “ailing”, only slightly behind their euro neigh-bours. Only Germany and Estonia received positive assessments.

Inflation -- The World Economic Survey’s 1,169 economic experts in 124 countries were also quizzed on inflation. This gave a global aver-age inflation estimate of 3.3% for 2013, down from 3.6% last year. Estimates for the euro area fell to 2.1% for 2013, from 2.4% last year. Short-term interest rates, set by cen-tral banks, are expected to remain largely unchanged over the next six months. And long-term interest rates, those affected mainly by the capital market, look set to rise only slightly.

WES participants expect the value of the US dollar to grow moderately over the next six months and the euro/US dollar exchange rate to re-main stable.

Spotlight on SMEs -- An ICC spe-cial question included in the survey revealed a broad worldwide consen-sus on the economic importance of small- and medium-sized enterpris-es (SMEs). Support was particularly strong in Europe where, according to the European Commission, SMEs provide two thirds of private sec-tor jobs and account for 99% of all European business. Nearly all WES experts surveyed in Western Europe see a substantial and healthy SME sector as “essential for the national economy”.

Survey analysts pointed out that the short supply of bank credit, mainly in Europe, was a heavy con-straint not just for SMEs, but for entire economies, particularly Italy, the UK, Hungary, Albania, Slovenia, Portugal, Ireland, Romania, Spain and Greece.

World Economic Climate Improves, Survey Shows


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The FINANCIAL

According to the new version of Labor Code discrimination (gen-der, racial, ethnic, re-ligious, etc.) made by

the employer shall be prohibited not only during the labor relations (while the employee works), but also during the pre-contractual relations. In such a case, if a person makes a complaint, the burden of proof shall be placed on the employer.

The current version shows that discrimination made by the employ-er is only prohibited during engaged labor relations.

Proposed changes were analyzed recently by Transparency Interna-tional.

Another change is that the em-ployer becomes obliged to provide the job candidate with full infor-mation about the work to be per-formed; the form and term of the labor contract; the working condi-tions; the legal position of the future employee during the labor relations; and the remuneration. Currently the employer is not obliged to provide the candidate with the said informa-tion; the candidate has the right to obtain the information on his/her initiative.

The labor contract shall be con-cluded for a definite or indefinite term. It shall be concluded for a definite term only in cases when it is related to: fulfilling a concrete job; seasonal work; temporary increase in the amount of work; replacing an employee during his/her temporary absence; other objective circum-stances.

It is changing the duration of working time according which the working time determined by the em-ployer during which the employee performs the obligations imposed by the contract shall not exceed 41 hours per week. The working time does not include a break and rest time. The working time for minors aged between 16 to 18 and persons employed to perform hard, harm-ful, or dangerous work has also been limited, and it shall not exceed 36 hours per week. Also, the working time of minors aged between 14 to 16 shall not exceed 24 hours per week.

As for the overtime work it should be remunerated if it exceeds 48 hours per week. Overtime work shall be remunerated with a rate that ex-ceeds the average hourly rate by at least 25%.

The employee shall be entitled to a paid leave of at least 24 working days per year, according to the new changes while the old one says al-most the same.

Disability is considered as tempo-rary if its duration does not exceed 60 calendar days on succession or if the entire duration over six months does not exceed 90 calendar days. It should be noted that determining the terms of temporary disability is very important for the protection of the employee’s labor rights, since the employer does not have the right to

dismiss him/her during this period. According to the current code, tem-porary disability shall not exceed 30 calendar days on succession or the entire duration over six months shall not exceed 50 calendar days.

The main change in termination of a contract is that the concept of “annulment of contract” (which implied termination of contract on the initiative of one of the parties) has completely disappeared, and it no longer constitutes grounds for terminating a contract. Therefore, the employer is no longer entitled to dismiss an employee without in-dicating the grounds (it should be noted that an employee may leave the job without naming a cause), and these grounds must be envisaged in this code.

One of the most important novel-ties of the draft code is included in Part 4 of Article 38. According to this norm, the employer is obliged to substantiate the grounds for ter-minating the contract in writing within seven calendar days of the employee’s demand. The employee has the right to appeal the substanti-ated decision in court within a term of 30 days, and, if the employer fails to substantiate the decision on dis-missal in writing within seven days, the employee is entitled to appeal this decision of the employer within 30 days, in which case the burden of proof on factual circumstances is placed on the employer.

With a labor contract, the employ-er may obligate the employee not to use the knowledge and qualifica-tions acquired while performing the terms of the contract for the benefit of another, competitor employer. This restriction may not apply after the labor relations are terminated. According to the current code, the restriction is in force not only during labor relations, but also after their termination, but no longer than for three years.

In case of labor dispute the draft code differentiates between exami-nation of disputes that arise in in-dividual labor relations and of those arising in collective labor relations.

The mediator shall examine the dispute in accordance with “The rule of examining and settling of disputes that arise during collective labor re-lations” approved by the Minister. The Minister has the right to make a decision to stop conciliatory proce-dures at any stage. Participation in the procedures is obligatory for the parties. The parties may also agree to transfer the dispute to an arbitra-tion court at any stage.

According to the draft changes, the right to stage a strike or a lock-out at the time of collective labor re-lations only arises when conciliatory procedures end without a result; it is only after this that it becomes permitted to resort to such radical measures as a strike or a lockout. It is possible to conduct conciliatory procedures both though direct ne-gotiations of the parties and through a mediator appointed by the Minis-try. The participation of a mediator depends of the will of the parties or on the Minister’s initiative to get in-volved in a dispute. Accordingly, the conciliatory procedures can be con-ducted both with and without the in-volvement of a mediator appointed by the Ministry.

However, the changes envisaged in the draft code relate the origin of the right to stage a strike or a lock-out closely to a mediator appointed by the Ministry (it is permitted to ex-ercise the right to stage a strike only after 21 days from the day a party sends the Minister a request to ap-point a mediator or 21 days after the day the Minister appoints a media-tor on his/her own initiative) and it is only permitted to stage a strike if the conciliatory procedures involved a mediator of the Ministry.

New LabourCode Terminates“Annulment of Contract”

financial news

The FINANCIAL

An EBRD long-term loan of EUR 150 million will back the investments of Gestamp Automocion SA, one of the world’s

leading manufacturers of auto parts. It is aimed at upgrading its Rus-sian, Polish, Hungarian and Turkish plants which supply assembly lines set up by major international car manufacturers in these four mar-kets.

Gestamp, a Spanish-registered and family-controlled group, plans to invest EUR 255 million in capital expenditure up to 2016. This will en-able the company to move closer to its key customers in these countries, a key goal to increasing its competi-tiveness and part of a strategy to foster long-term relationships with such major clients on a global scale.

Highlighting the EBRD’s role in advancing the long-term funding such industrial investments require, the package includes a EUR 50 mil-lion loan which will provide for a bullet repayment at the end of seven years as well as a seven-year A loan of EUR 60 million with a two-year grace period under an EBRD A/B loan structure.

The remaining EUR 40 million has been syndicated to three inter-national banks under a five-year EBRD B loan with UniCredit Bank Austria AG taking a EUR 20 million participation, the Spanish subsidiary of France’s Société Générale group taking EUR 13 million and Spain’s Banco Bilbao Vizcaya Argentaria SA taking EUR 7 million.

The Bank remains the lender of

record for the full EUR 150 million. The EBRD’s participation was cru-cial for extending the average matu-rity of this funding beyond five years.

This transaction will facilitate the transfer of state-of-the-art technol-ogy and skills to the domestic supply chain in these countries, as well as promote the localisation of passen-ger car assembly by the world’s lead-ing automakers, said Alain Pilloux, EBRD Managing Director for Indus-try, Commerce and Agribusiness.

Gestamp is a global leader in the design and manufacture of metal components for automakers. Its clients in the four countries con-cerned include Audi, Fiat, Ford, GM, Hyundai, Mitsubishi, PSA, Renault-Nissan and VW. The group employs over 25,000 people in 19 countries.

Over 80 per cent of this EUR 150 million EBRD funding is earmarked for investments in Russia and Tur-key. Russia is Europe’s second-larg-est auto market after Germany while Turkey is increasingly becoming a producer of cars for export.

In Russia, where Gestamp has plants in Kaluga, St Petersburg and Togliatti, it will invest further in ro-botics, laser equipment and other advanced technologies. The project should also provide an incentive to Russian steel producers to specialise in the high-quality steel necessary to meet carmakers’ specifications.

In Turkey, where the company operates two plants in Bursa and one in Gebze, it will invest in new hot stamping lines, new presses and welding robots for the Renault Clio and Ford Transit projects, as well as a new assembly line for the Ford Fiesta.a

EBRD Lends EUR 150 mln to Global Auto-Parts Supplier

The FINANCIAL

The economic slowdown ob-served in the EU since the beginning of the financial crisis is also visible in the evolution of energy con-

sumption. Gross inland energy con-sumption in the EU27 fell from a level of 1 800 million tonnes of oil equiva-lent (toe) in 2008, to 1 700 mn toe in 2009, increased to 1 760 mn toe in 2010 and then fell again to 1 700 mn toe in 2011. Between 2008 and 2011, energy consumption in the EU27 has decreased by 6%.

The energy dependence rate, defined as net imports divided by gross con-sumption, and which shows the extent to which a country is dependent on en-ergy imports, was 54% in the EU27 in 2011, nearly stable since 2008.

Denmark, Estonia, Romania and the Czech Republic – least dependent on energy imports

The five largest energy consumers in 2011 in the EU27 were Germany (316 mn toe, -7.7% compared with

2008), France (260 mn toe, -4.6%), the United Kingdom (199 mn toe, -9.4%), Italy (173 mn toe, -4.8%) and Spain (129 mn toe, -9.4%), which to-gether accounted for nearly two thirds of total EU27 consumption.

Twenty-three Member States reg-istered decreases in their energy con-sumption between 2008 and 2011, and four increases. The largest falls were recorded in Lithuania (-24.5%), Ireland and Greece (both -12.3%), Ro-mania

(-10.2%), Spain and the United Kingdom (both -9.4%), and the high-est increases in Malta (+16.9%) and Estonia (+4.8%).

In 2011, the Member States the least dependent on energy imports were Estonia (12%), Romania (21%), the Czech Republic (29%), the Neth-erlands (30%), Poland (34%) and the United Kingdom (36%). Denmark (-9%) was a net exporter of energy and therefore had a negative depen-dence rate. The highest energy depen-dence rates were registered in Malta (101%), Luxembourg (97%), Cyprus (93%) and Ireland (89%).

Energy Consumption in EU Fell by 6% in Recent Years


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sHALe oIL – THe NeXT eNeRgY RevoLuTIoN,

eXAMINeD sCeNARIos THAT

CoNsIDeR THe poTeNTIAL IMpACT oF FuTuRe gRoWTH

IN sHALe oIL pRoDuCTIoN oN

gLobAL oIL pRICes AND Assesses HoW

THese CHANges CouLD IMpACT THe WIDeR eCoNoMY AND THe oIL AND

gAs INDusTRY oveR THe peRIoD To 2035.

The FINANCIAL

Shale oil production has the potential to reach up to 14 million barrels of oil per day by 2035

This extra supply could push global oil prices down by around 25%-40% in 2035 relative to an EIA baseline projection of $133 per barrel in that year. Global GDP could rise by around 2.3%-3.7% by 2035 (around $1.7-2.7 trillion at to-day’s GDP values)

The global impact of shale oil could revolutionise the world’s en-ergy markets over the next couple of decades, resulting in significantly lower oil prices than would other-wise be the case and a consequent increase of around £500-800 in GDP per person in the UK (at to-day’s GDP values), according to new analysis from PwC.

The findings suggest that shale oil production has the potential to spread gradually from its current US base, increasing to almost 12% of the world’s total oil supply by 2035. Given the relative insensitivity of oil demand to price changes, PwC esti-mates that real oil price falls (rela-tive to baseline EIA projections - see note 3) of around 25%-40% could be needed by 2035 to increase demand sufficiently to absorb this addition-al supply, depending also on how OPEC responds.

In the UK, significant shale gas resources have been identified and these could be a good leading indi-cator of the potential for shale oil also to be found. The development of shale oil in the UK would be likely to contribute directly to investment,

employment, economic growth and greater energy independence. In addition, lower oil prices could in-crease UK GDP as we become an in-creasing net oil importer over time.

“Lower global oil prices due to in-creased shale oil supply could have a major impact on the future evolution of the world economy by allowing more output to be produced at the same cost”, John Hawksworth, chief economist at PwC and co-author of the report, said. “These effects could build up gradually as shale oil pro-duction rolls out across the world to produce an estimated rise in global GDP of around 2.3%-3.7% in 2035. This would be roughly equivalent to adding an economy the size of the UK to total global GDP in that year. For the UK alone, the benefit of lower than expected oil prices could be around £30-50 billion at today’s values”.

“Without shale oil, it is likely that global oil prices would continue to rise in real terms over the next few decades due to the pressure of rising demand from China, India and other emerging economies. Experience over the past decade suggests that UK governments find it very difficult to raise motor fuel duties in these circumstances.

“If shale oil helps to put a cap on global oil prices, however, then this could give future UK governments more scope to raise fuel duties grad-ually over time, with the additional revenues being recycled into cuts in

other taxes, increased investment in priorities such as hospitals and schools, and/or greater support for low carbon technologies.”

The UK has traditionally been a centre of excellence in the oilfield services industry, serving the North Sea and global markets from Aber-deen and elsewhere in the UK.

“The UK government would lose some North Sea tax revenues if global oil prices were lower, but with North Sea resources in long term decline, shale oil and gas present an opportunity to create a new growth engine for UK plc as well as a new source of tax revenue”, Adam Lyons, director in the PwC oil and gas team and co-author of the report, said.

“Shale oil has the potential to re-shape the global economy, increas-ing energy security, independence and affordability in the long-term. However, these benefits need to be balanced with broader environmen-tal objectives at both the local and global level, and consequent changes in policy and regulatory regimes will undoubtedly have knock-on effects on oil producers and consumers.

“The implications of the growth in shale oil will be felt along the value chain. Investment choices based on long- term predictions of a steady increase in real oil prices may need to be reassessed in the upstream, midstream, downstream and oilfield services sectors.”

The report also looks at the op-portunities and challenges for stake-

holders in the energy industry, in-cluding:

Governments in current net oil importing countries with poten-tial shale oil resources will need to understand the likely economic payback from creating policies to encourage exploitation of shale oil, balancing these against alternative local and national environmental objectives (e.g. decarbonisation).

Governments in countries reliant on conventional oil exports will need to adjust to lower revenue flows in the long run and/or develop their own unconventional resources, in-cluding shale oil and gas.

Shale oil (together with shale gas) could influence the dynamics of geo-politics as it increases energy inde-pendence for countries such as the US and China and reduces the influ-ence of OPEC.

Oil companies will have to reas-sess their current portfolios and planned projects against lower oil price scenarios, while also adjust-ing their business models to fit the lower-scale but more standardised production process required for shale oil.

Lower than expected future real oil prices could also create long term benefits for companies that rely heavily on oil and related products (e.g. petrochemicals and plastics, airlines, road hauliers, automotive companies, and the LNG sector giv-en that its prices are often linked to oil).

Global Shale Oil Production Could Boost UK GDP By Up to £50 Billion by 2035

The FINANCIAL

The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in December 2012 gave a 11.7 bn euro

surplus, compared with +8.0 bn in December 2011. The November 20122 balance was +13.0 bn, compared with +4.9 bn in November 2011. In Decem-ber 2012 compared with November 2012, seasonally adjusted exports fell by 1.8% and imports by 3.0%.

According to the data released by Eurostat, the statistical office of the European Union the first estimate for the December 2012 extra-EU27 trade in goods balance was a 0.7 bn euro

deficit, compared with -0.2 bn in De-cember 2011. The November 20122 balance was -1.9 bn, compared with -9.3 bn in November 2011. In Decem-ber 2012 compared with November 2012, seasonally adjusted exports de-creased by 1.9% and imports by 1.6%.

During 2012, euro area trade in goods recorded a surplus of 81.8 bn euro, compared with -15.7 bn in 2011. The EU27 recorded a deficit of 104.6 bn in 2012, compared with -162.7 bn in 2011.

The EU27 deficit for energy in-creased (-388.6 bn euro in January-November 2012 compared with -354.6 bn in January-November 2011), as did the surplus for manu-factured goods (+330.8 bn compared with +224.9 bn).

EU27 exports to most of its major partners grew in January-November 2012 compared with January-No-vember 2011, except for India (-5%) and Switzerland (-3%). The most notable increases were recorded for exports to South Korea (+17%), Rus-sia and Japan (both +15%), the USA (+13%) and Brazil (+11%). As regards EU27 imports, the pattern was mixed. The largest increases were recorded for imports from Switzerland (+14%), Norway (+9%) and the USA (+8%), and the largest falls with India and Japan (both -7%).

The EU27 trade surplus increased with the USA (+80.2 bn euro in Jan-uary-November 2012 compared with +64.6 bn in January-November 2011) and Turkey (+25.3 bn compared with

+22.9 bn), but fell with Switzerland (+25.8 bn compared with +41.9 bn). The EU27 trade deficit declined with China (-135.3 bn compared with -146.9 bn), Russia (-81.2 bn com-pared with -83.3 bn) and Japan (-8.2 bn compared with -19.1 bn), but rose with Norway (-46.7 bn compared with -42.1 bn).

Concerning the total trade of Mem-ber States, the largest surplus was observed in Germany (+174.6 bn euro in January-November 2012), followed by the Netherlands (+46.0 bn), Ireland (+39.9 bn) and the Czech Republic (+12.1 bn). The United King-dom (-152.9 bn) registered the largest deficit, followed by France (-75.2 bn), Spain (-30.0 bn) and Greece (-19.0 bn).

Euro Area International Tradein Goods Surplus of 81.8 bn Euro

Industrial Production Up By 0.7% in Euro Area

The FINANCIAL

In December 2012 compared with November 2012, season-ally adjusted industrial pro-duction1 grew by 0.7% in the euro area (EA17) and by 0.5%

in the EU272, according to estimates released by Eurostat, the statistical office of the European Union. In No-vember production fell by 0.7% and 0.6% respectively.

In December 2012 compared with December 2011, industrial produc-tion decreased by 2.4% in the euro area and by 2.3% in the EU27.

Compared with 2011, the average production index for 2012 dropped by 2.4% in the euro area and by 2.1% in the EU27.

In December 2012 compared with November 2012, production of non-durable consumer goods grew by 2.0% in the euro area and by 1.3% in the EU27. Durable consumer goods increased by 2.0% and 0.4% respectively. Capital goods rose by 1.3% in the euro area and by 1.2% in the EU27. Intermediate goods fell by 0.2% and 0.3% respectively. Pro-duction of energy dropped by 1.2% in the euro area and by 0.4% in the EU27.

Among the Member States for which data are available, industrial production rose in fourteen, fell in six and remained stable in Spain, France and Romania. The highest increases were registered in Ireland (+8.5%), Latvia and Slovenia (both +2.7%), and the largest decreases in Slovakia (-4.4%) and Denmark (-2.3%).

In December 2012 compared with December 2011, production of inter-mediate goods fell by 4.6% in both the euro area and the EU27. Durable consumer goods dropped by 3.9% and 4.8% respectively. Capital goods decreased by 2.9% in the euro area and by 2.3% in the EU27. Non-dura-ble consumer goods declined by 1.3% and 1.9% respectively. Production of energy increased by 1.2% in the euro area and by 0.4% in the EU27.

Among the Member States for which data are available, indus-trial production fell in fifteen and rose in eight. The largest decreases were registered in Spain (-6.9%), Italy (-6.6%), the Czech Repub-lic (-5.8%) and Poland (-5.4%), and the highest increases in Lat-via (+10.7%), Malta (+10.3%) and Lithuania (+9.1%).


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The number of pairs of shoes imported in Georgia in 2012 was 7,874,000, with a total value of USD 393,830,000, according

to the National Statistics Office of Georgia. China is the main coun-try where shoes are imported from, followed by Russia, Turkey, Iran, France, Ukraine, Belarus, Denmark, Italy and the USA. Import covers the largest share of the local shoe mar-ket of Georgia, with a population of 4.5 million.

The number of imported shoes was higher in 2011 than in 2012, with 15,338,000 pairs of shoes to the value of USD 720,234,000 imported in total. China was the leading coun-try that shoes were imported from in 2011. Statistics show that local pro-duction experienced double growth in 2012.

Twenty-six thousand shoes were exported from Georgia in 2012, mostly to Armenia. The export to-talled USD 313,000. Statistics show a decrease in the export of shoes in 2011 which amounted to just 11,000 pairs, or USD 230,000.

Euromonitor International fore-casts that consumer expenditure on footwear will amount to GEL 223 in 2013. As for 2012, consumer expen-diture consisted of GEL 213 and in 2011 - GEL 201. Euromonitor Inter-national states that per household expenditure on footwear is GEL 187 in 2013, compared to GEL 179 in 2012 and GEL 169 in 2011. The growth in consumer expenditure on footwear was 5.8 percent in 2011-2012 and will be 4.7 by the end of this year.

The footwear market is named as one of the worst fields in terms of bad consumer service and one of the leaders in terms of numbers of complaints received by the Con-sumer Federation of Georgia. “Cus-tomers are being deceived by the salespeople of different shoe stores,” said Madona Koidze, Director of the Consumer Federation. “For ex-ample, salespeople hide informa-tion about shoe quality, where they are imported from, whether or not they are damaged and similar infor-mation. We have built cases against several stores where customers have bought shoes that have then become damaged in just a few days. Custom-ers mostly complain about being given misleading information about the shoes by shops’ salespeople,” she added.

There are several players on the market. The biggest share goes to Bata, Geox and Ecco which are unit-

ed under one holding. Then comes Vogg which offers shoes produced in Tbilisi, Georgia. As the consultants say, demand for Georgian shoes is high as consumers are very favour-ably disposed towards local produc-tion.

One of the biggest shoe factories in Georgia is Levanto, located in Kutai-si. Shoes made in Levanto are dis-tributed to different stores in Kutaisi and Tbilisi as well. Rumours about the stores of famous shoe brands being supplied with Levanto’s pro-duction are denied by the manager of the factory. Givi Gakhokidze, Manager at Levanto, said that a very limited number of shoes are made at Levanto every week.

“We do not even have partner stores,” Gakhokidze said. “We have our brand stores in the shopping centres ‘Grand Mall’ in Kutaisi, and ‘Passage’ and ‘Tbilisi Central’ in Tbilisi. Our production is not on sale in any other stores. Our shoes are being sold in different cities of Geor-gia, but the customers always know that these shoes have been made in Kutaisi,” he added.

The prices of Levanto men’s shoes start from GEL 75 and go up to GEL 115. As for women’s shoes, the prices range from GEL 40 to GEL 120. The prices are higher in winter when men’s shoes are available for from GEL 90 - GEL 137, and women’s - for from GEL 80 - GEL 200.

“The footwear market is not fully developed in Georgia at this stage. The import of foreign shoes is dam-aging the development of local pro-duction. Shoes imported from China are being sold very cheaply in Geor-gia. Restrictions should be imposed on imported shoes or different taxes should be reduced for local produc-ers. This should happen to help de-velop local production and for better competition with imported goods,” he added.

The representatives of other shoe stores like Bata, Geox, Ecco and Vogg declined to comment on their activities in Georgia. The companies’ representatives prefer not to talk about the issue as there is no official research yet of the footwear market in Georgia.

“Our management prefers not to comment on footwear market de-velopment in Georgia. As there is no research on this issue our comment would be very subjective and not of use to our customers. No one will comment on the problems with the footwear market in Georgia. These topics have been more or less ig-nored by the media until now so why should we start talking about them now?” said the Marketing Manager of the holding uniting Bata, Geox and Ecco.

Preliminary Statistics Showing Reduction in Imported Shoes

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georgian banking servicesTbC bANKTbILIsI bRANCHesTbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St.Vake Branch #1 0179, 41, Abashidze St.Central Branch 0179, 11, Chavchavadze Ave.Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde AveVera Branch 0179, 31, Melikishvili St.Parliament Service Center 0118, 8, Rustaveli AveMtatsminda Branch 0105, 1, Rustaveli Ave.Rustaveli Service-Center 0108, Marriot hotelRustaveli Branch #1 0108, 44, Rustaveli Ave.Mtatsminda Branch #2 0105, 22, Leselidze St.Rustaveli Branch #2 0105, 52, Rustaveli Ave.Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave.Varketili Branch #1 Javakheti St.Isani Branch 0120, 67, K. Tsamebuli Ave.Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave.Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela AveSaakadze Branch 0160, 6, Shartava St. (Saakadze Sq.)Saburtalo Branch 0160, 12, Al. Kazbegi Ave.Tbilisi Central Service Center 0112, Vagzali Sq. 2Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave.Marjanishvili Branch #2 0102, 16, Marjanishvili St.Tamar Mepe Branch 0112, 7, Tamar Mepe Ave.Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St.Tsereteli Branch #2 0119, 73a, Tsereteli Ave.Didube Branch 0119, 117, Tsereteli Ave.Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House»Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill)Nadzaladevi Branch 0180, 109, Dadiani Ave.Gldani Branch 0172, Mukhiani Settlement, Plot 1/6Tbilisi Airport Service Center 0158, Tbilisi National Airport

TbILIsI ATMsVazisubaniVazisubani III dstr., II Blk.Sanzona50, Guramishvili Ave. Nikora StoreVake11, Chavchavadze Ave. Vake Branch1, Tamarashvili St.Pharmacy “36.6”34, Chavchavadze Ave. Trading Center “Pixel”7, Kipshidze St. 41, Abashidze St. Vake Service Center #129, Chavchavazde Ave. TBC Bank Branch59, Paliashvili St. “Simba” Supermarket50, Chavchavadze Ave. 15, Phaliashvili St. Aversi PharmacyVera7, Kostava St. 36, Kostava St. Cinema “Amirani”8/1, Akhvlediani Ave18, Melikishvili St. 60, Barnovi St. “Fresh Market”31, Melikishvili St. TBC Bank branch Mtatsminda13, Rustaveli Ave. Hotel «Tbilisi Marriot»11, Rkinis Rigi Acura Billiard Room5, Rustaveli Ave. Rustaveli Cinema4, Freedom Square22, Leselidze St. TBC Bank branch52, Rustaveli Ave. TBC Bank branch44, Rustaveli Ave. TBC Bank branch1, Rustaveli Ave. TBC Bank branchAvlabari84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branchNavtlugi2, Cholokashvili St. “36.6” PharmacyVarketili34a, Kakheti Highway 44, Javakheti St. (Varketili Metro)Varketili 3, 4th m/r. Javakheti St. TBC Bank branchIsani-Samgori39a, Moscow Ave. 169, Khmelnitski St. Supermaket“Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branchSaburtalo40, Vazha Pshavela Ave. ESM Tbilisi67, Vazha Pshavela Ave. «Nikora» Shop68, Kostava St. Public Television Building22, Bakhtrioni St. 53, Saburtalo St. Nikora store12, Al. Kazbegi Ave. At Saburtalo Branch74, Kostava st. Shop “Caesar”Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy1, Nutsubidze St.52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy26, Kazbegi Ave. Shop “Planeta Z”Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi”6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch11, Mitskevichi St. Supermarket29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango”Chugureti39, Chitaia St. Aversi Pharmacy7, Marjanishvili St. Marjanishvili branch19 Tsabadze St. Trade center «Pasazhi»8, Tsabadze St. Trade center «Kidobani»4, Khetagurov St. Humana Pharmacy16, Marjanishvili St. TBC Bank branch4, Chubinashvili St. Aversi PharmacyDidube73a, Tsereteli Ave. At #2 Didube Branch

114, A. Tsereteli Ave. «Coca-Cola»117, Tsereteli Ave. At Didube Branch82, Tamar Mepe Ave. “MedService” Pharmacy1, Tsereteli Ave. Trading Center “Panda”7, Tamar Mepe Ave. TBC Bank branch138, Agmashenebeli Ave. TBC Bank branch12, Kereselidze St. “Megaline” Trading CenterDigomiDigomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas stationDidi DigomiEntrance of Didi Digomi Trade center GOODWILL12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli”Nadzaladevi106, Ts. Dadiani Ave. Nadzaledevi Branch321, Ts. Dadiani Ave. Aversi Pharmacy144, Ts. Dadiani Ave. SupermarketTemkaTemka, 10th Block, BLD. 2. GldaniGldani District 1st blk. Supermarket “Bingo”Akhmeteli Metro Trading Center “Mariami”Mukhiani Settlement, Plot 1/6 TBC Bank branchMukhianiMukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” PharmacyAvchala3, Sarajishvili St. “Alfa Express”Ortachala39, V. Gorgasali St. 28, Gorgasali St. AirportTbilisi International Airport

RegIoNAL ATMsSamtredia5, Chavchavadze S. Lagodekhi1, Cholokashvili St. BekoZestaphoni39, Agmashenebeli St. Natakhtari Natakhtari BreweryTsnori2, Stalin St. Zugdidi32(30) Z. Gamsakhurdia Ave. TBC Bank branchGori13, Stalin Ave. TBC Bank branchBakuriani26, Agmashenebeli St. Pharmacy “Red A”Gudauri Bar “Gagieti”Sighnaghi1, Lolashvili St. TBC Bank BranchAgara1, Cholokashvili St. Mtskheta11a, Samkhedro St. Shop “Nikora”Kobuleti500 a, Agmashenebeli St. Rustavi14, Megobroba Ave. Rustavi Branch19, Rustavi Highway, bld. 2 Aversi PharmacyM.I.A. Service Agency 12/14, Meskhishvili St. Supermartket15, Kostava St. “Aversi” PharmacyTelavi27, Rustaveli St. Telavi Branch3, K. Tsamebuli St. Shop “Limbo”Borjomi121, Rustaveli St. TBC Bank branchKutaisi59, Tamar Mepe St. 21a, Chavchavadze Ave. 98, Youth Ave. 3, Automsheni St. 47/1-3 Agmashenebeli Ave. and Dumbadze St. crossroads 1, Nikea St. “Nikeos” Supermarket35/1a, Paliashvili and Columbia Mis-souri St. TBC Bank branch14, Grishashvili St. Pharmacy62, Chavchavadze Ave. TBC Bank branchBatumi44, Chavchavadze Ave. Nikora Store37, Zubalashvili St. TBC Bank branch78/80 Javakhishvili St. 63, M. Abashidze St. 14a, Inasaridze St. 30, Agmashenebeli St. 57/59, Era St. TBC Bank branch10, Rustaveli St. TBC Bank branchKhelvachauri21a, Agmashenebeli St. Poti22, D.Agmashenebeli St. 13 Lagrange St. Nikoladze Square. 18, Samegrelo St. 15/3 Gegidze St. TBC Bank branch

CoNsTANTA bANKbRANCHes AND ATMs

Tbilisi

Sadguri Branch137, Tsinamdzgvrishvili StreetVarketili Branch20, Vazisubani turnIsani Branch84/86, Ketevan Tsamebuli AvenueGldani BranchThe right side of the Akhmeteli SubwayDidube Branch117, Tsereteli AveLilo Branch2, Chirankhuli Str.Saburtalo branch28, Vaja-Pshavela Str.Baratashvili Branch2, Baratashvili Str.

RegIoNsRustavi Branch4, Shartava Str. Marnuli Branch72, Rustaveli Str. Bolnisi Branch110, Sulkhan-Saba Str. Gurjaani Branch1, Noneshvili Str. Tsnori Branch40, Agmashenebeli Str. Lagodekhi Branch15, M. Kostava Str. Gardabani Branch50, D. Agmashenebeli Str. Sagarejo Branch25, D. Agmashenebeli Str. Telavi Branch

5,Tchavchavadze Str. Dedoplistskaro Branch62,Stalini Str. Kvareli Branch36, Mardjanishvili Str. Akhmeta service-center15, Rustaveli Str. Kaspi Branch2, Agmashenebeli Str. Gori Branch2, Tskhsinvali Highway Khashuri Branch2, Imereti Str. Mukhrani service-centerMtsketa, Mukhrani village, Borjomi Branch145, Rustaveli Str. Akhaltsikhe Branch8, Iadze Str. Akhalkalaki Branch19/1, Rustaveli Str. Zestaponi Branch27, Agmashenebeli Str. Kutaisi Branch95, Rustaveli Str. Samtredia Branch10, Rustaveli Str. Terjola Branch82, Rustaveli Str. Poti Branch22, Agmashenebeli Str. Batumi Branch20 , Selim Khimshiashvili Str. Tsalka Brach10, Aristotele Str.

bANK oF geoRgIATbILIsIMtatsminda-Krtsanisi3 Pushkin Str.4 Leselidze Str. 38 Tabukashvili Str.7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str.Vake-Saburtalo24 Kostava Str.29 Vazha-Pshavela Ave.7 Kipshidze Str.14 Gamsakhurdia Ave.22 Bakhtrioni Str.72/12 I.Abashidze Str.70 Kostava Str.Sheraton Metheki Palace10 Melikishvili Ave.62 Chavchavadze Ave.Mtatsminda-Krtsanisi8 Rustaveli Ave. (Parliament)38 Tabukashvili Str.19 Rustaveli Ave.4 Freedom Square (Courtyard Marriott)Metro Station “Tavisuplebis Moedani”Metro Station “Rustaveli”3 Vekua Str. (Populi City)37 Gorgasali Str. OrtachalaRadisson SAS Iveria HotelIsani-Samgori10 Ketevan Tsamebuli Ave.80 Ketevan Tsamebuli Ave.7 Kalaubani Str.AirportMetro Station “Avlabari”Metro Station “300 Aragveli”Metro Station “Samgori 1”Metro Station “Samgori 2”Metro Station “Varketili”Metro Station “Isani” Temqa Block 10, Bulding 2544 Moskovi Ave.Vazis ubani block 4 (“Populi”)Vake-Saburtalo41 Vazha-Pshavela Ave.23 Chavchavadze Ave.70 Kostava Str.16 Gamsakhurdia Ave.7 Petritsi Str.Melikishvili Str. 10Gldani-Nadzaladevi39 Tsotne Dadiani Str.5 Tornike Eristavi Str. (“Electroplast”)Shopping Mall “Mariami”, GldaniMetro Station “Akhmeteli” Metro Station “Grmagele”Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 434 Tsotne Dadiani Str., Bulding 8Metro Station “Elektrodepo”Vake-Saburtalo1a Bulachauri Str.Metro Station “Politeknikuri Instituti 1”Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela”Metro Station “Sameditsino Instituti 1”Metro Station “Sameditsino Instituti 2”Didube-Chugureti99 Tsereteli Ave.18 Tamar mefis Ave.60 Tsereteli Ave.83/23 Davit Agmashenebeli Ave.142 Davit Agmashenebeli Ave.19 Tsabadze Str. (“Pasazhi”)12 Kereselidze Str. 1st turn (“Megaline”)137 Tsinamdzgvrishvili Str.127 Davit Agmashenebeli Ave.Metro Station “Vagzlis Moedani”Metro Station “Vagzlis Moedani 3”Metro Station “Tsereteli” Metro Station “Didube”Metro Station “Marjanishvili”3 Vagzali Str.Gldani-NadzaladeviGladni 1 Vekua Str., Block “a” 38 Guramishvili Ave.Batumi58 Memed Abashidze Str. 18 Zubalashvili Str.11 Ninoshvili Str. (Hotel “Intourist Palace”)Ozurgeti18 Guria Str.Zugdidi90 Rustaveli Str.54 Kostava Str.Poti30 Davit Agmashenebeli Str.2 Parnavaz Mepe Str.Kutaisi17 Tsminda Nino Str.1 Tsereteli Str.56 Chavchavadze Str.124 Rustaveli Str. Tskaltubo11 Avaliani Str.Tkibuli55 Gamsakhurdia Str. Terjola4 Shotadze Str. Chiatura16 Ninoshvili Str.Gori14 Stalini Str.Bakuriani1 Mta Str.Khashuri2 Dzneladze Str.Akhaltsikhe25 Kostava Str. Rustavi8 Baratashvili Str.10 Megobroba Str.23 Kostava Str.Tetritskaro37 Tamar Mepe Str.Tsalka71 Kostava Str.Marneuli65 Rustaveli Str.Gardabani76 Davit Agmashenebeli Str.Bolnisi110 Sulkhan-Saba Str.Gurjaani12 Noneshvili Str.Zestaponi59 Agmashenebli Str.Senaki78 Chavchavadze Str.Kvareli34 Chavchavadze Str.Kobuleti1 Ninoshvili Str.Akhalkalaki35 Nalbandiani Str.Telavi

6 Chavchavadze Str.Kaspi78 Stalini Str.BatumiAirport21 Agmashenebi Str.Signagi15 9 Aprili Str.PotiKokaia Alley 1 Str.(Customs “Dasavleti”)Gori3 Stalini Str. (Populi)Kutaisi143 Rustaveli Str. (Populi)Khelvachauri82 Agmashenebi Str.Sagarejo17 Agmashenebeli Str. Batumi10 khimshishvili Str. (Hotel “Marina”)Borjomi1 Rustaveli squareSamtredia21 Javakhishvili Str. Khulo16 Abashidze Str Batumi3 Settlement TamariTskneti3 Rustaveli Str.Mtskheta12 Samkhedro Str.Lanchkhuti101 Zhordania Str.Sachkhere4 Agmashenebeli Str.Keda13 Tbel Abuseridzis Str.Batumi58 Memed Abashidze Str. GardabaniMartkopi (Vaziani)Gori43 Samephos Str.Kaspi2 Farnavazis Str. “Kaspicementi”Rustavi70 Mshenebelta Str. “Rustavcementi”TbilisiKakheti Highway 112 km. (Lilo)Holiday Inn HotelBatumiRustaveli Str. 28 “Batumi Sheraton”RustaviTsiteli Khidi Highway 21 km

ATM’sTbILIsIVake8 Mtskheta Street12 eristavi street72/12 Abashidze Street48 Chavchavadze Avenue22/23 Chavchavadze Avenue22/23 Chavchavadze Avenue62 Chavchavadze Avenue50 Chavchavadze Avenue52 Chavchavadze Avenue22 Chavchavadze Avenue78 Chavchavadze Avenue7 Kipshidze Street9a nafareuli street13 Kipshidze Street2 Berdzenishvili Street41 abashidze street81/9 Abashidze Street3 Tamarashvili StreetTamarashvili Street16 Phaliashvili StreetTskneti 3 Rustaveli Street2 Rustaveli StreetSaburtalo67 Vazha-Pshavela Avenue41 Vazha-Pshavela Avenue41 Vazha-Pshavela Avenue2 Vazha-Pshavela Avenue27b Vazha-pshavela avenue27a Vazha-Pshavela Avenue17 Vazha-Pshavela Avenue27 Vazha-Pshavela Avenue72 Vazha-Pshavela AvenueVazha-Pshavela Avenue, II Block35/37 Shartava Street7 Shartava Street21 Dolidze Streetvakhushti bridgeSaakadze squareSamedicinoVazha-PshavelaPoliteqnikuri 1Politeknikuri 217a Saburtalo Street 37 Saburtalo Street 70 Kostava Street70 Kostava Street26 maisi street1 26 May squareKostava Street44 Khazbegi Avenue10 Khazbegi Avenue13 Khazbegi Avenue14 Khazbegi Avenue12 Khazbegi Avenuebagteriofagi8 a mitschkevichi street19 Gamrekeli Street23 kandelakis street43 Gamsakhurdia Avenue. gagarini16 Gamsakhurdia Avenue2 Gamsakhurdia Avenue14 Gamsakhurdia Avenue1a Bulachauri Street3 mk.2 kv. Nucubidze175 Nutsubidze Street221 Nutsubidze Street25 nutsubidze streetNutsubidze plato III mr. II kv1 Sandro Euli Street13 Bakhtrioni Street22 Bakhtrioni Street6 Phanaskerteli Street16 Chikovani Street25 Kavtaradze Street4 Gabashvili Street5 Jikia StreetMtatsminda2 Freedom Squaremtawminda square3 Pushkin Street3 Pushkin Street3/1 Pushkin Street3 Pushkin StreetTavisuplebis Moedani7 Pushkin Street4 Freedom Square12 Chanturia StreetRustaveli16 Rustaveli Avenue8 Rustaveli Avenue19 Rustaveli Avenue37 Rustaveli Avenue2 Leonidze Street22 Leselidze Street4, Leselidze Street38 Tabukashvili Street2 Baratashvili Street7 Ingorokva StreetGTC8 Erekle II Street13 Savteli Streer20 Akhvlediani street1 Vekua Street40 Khetagurovi streetrose squirerose squireVera28 petriashvili street25 Kostava Street24 Kostava Street44 Kostava Street1 Khorava Street10 Kekelidze Street8 Kuchishvili Street50 Gogebashvili Street13 Melikishvili Street10 Melikishvili Street10 Melikishvili StreetGldani-Nadzaledevi2 gudamakhari streetGldani V m/r Block14Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street7 Dadiani street34 Dadiani Street151 Dadani Street21 Sarajishvili StreetSarajishviliGrmageleGuramishvili38 Guramishvili Avenue

33a GuramiSvili avenue84 Guramishvili Avenue7 Guramishvili Avenue84 Guramishvili AvenuePeikrebi streetMukhiani, IV m/r, 4 blockDumbadze str IV m/r, Block 5NadzaladeviNadzaladevi metro Square15 Khizanishvili Street31 Khizanishvili Streetmetro axmetelis mimdebare. mariamimetro axmetelis mimdebared1 Vekua Street1 Vekua StreetAkhmeteliTemka 10 Kv, Block 25Temka samshobiaro saxli # 5 mimd34 Khosharauli StreetDidube-Chugureti8 tsabadze street17 Uznadze Street1 Tsereteli avenue60 Tsereteli Avenue55 Tsereteli Avenue95 Tsereteli Avenue110 Tsereteli Avenue99 Tsereteli Avenue118 Tsereteli Avenue118 Agmashenebeli Avenue127 Agmashenebeli Avenue80 Agmashenebeli Avenue96 Agmashenebeli Avenue1 Agmashenebeli Avenue89/24 Agmashenebeli Avenue86/90 Agmashenebeli Avenue15 Tamar Mepe Avenue10 Tamar Mepe Avenue20 General Kvinetadze Street5 marjanishvili streetMarjanishvili 83/23 Agmashenebeli street1 Chitaia Street19 Tsabadze Street, pasage 2 Chkheidze StreetTbilisi centralTsereteliVagzlis moedani 2Vagzlis Moedani 1Vagzlis Moedani 219 Agladze Street2 Vagzlis Moedani95 Tsinamdzgvrishvili Street137 Tsinamdzgvrishvili StreetMtkvari Left Riverside (mushtaedi)1 chaladze streetDigomi8 chachava streetMilitary Base (vashlijvari)Digomi II kv. 5 BlockDigomi Block V, I a Building11 George Balanchini StreetAgmashenebeli alley II kmAgmashenebeli alley 9 km.Agmashenebeli alley Didi Digomi way.Digomi village way (vashlijvari)8 Petritsi Street7 Petritsi Street10/12 Godziashvili Street VashlijvariAgmashenebeli alley 13 km6 gelovani avenue5 Lubliana StreetIsani-SamgoriIsaniSamgori 1Samgori 2VarketiliVarketili 3, IVm/r, near by 410 Building 1 Khomleli street64 Javakheti streetVazisubani IV m/r I block, petefi str.Vazisubani IV m/r I block2 Landia street300 Aragveli Kakheti Highway 21km60 Kakheti Highway Military Base (alekseevka)Military Base (alekseevka) AIR3a Khomleti Street10 Ketevan Tsamebuli Avenue80 Ketevan Tsamebuli Avenue51a Ketevan Tsamebuli Avenue4 Kiziki StreetAirportAirportAirportMilitary Base (vaziani2)7 Kalaubani Street7 Kalaubani Street14 Kalaubani Street39 Moscow Avenue17 chichinadze street44 Moscow Avenue10 Telavi StreetAvlabariAvlabari Metro Square8/10 Chekhov Street23 Shuamta Street155 bogdan khmelnitski street6/4 Naftlukhi StreetAtskuri, isnis metros mimdebareKairo & Javakheti Street64 Melaani Street1 Abdushelishvili street122 Kakheti Highway market lilo113 gakhokidze street38 Kakheti Highway Krtsanisi41 Gorgasali Street39 Gorgasali StreetMilitary Base (krtsanisi)2Military Base (krtsanisi)16 Gorgasali Street16 Gorgasali Street6 Gorgasali Street77 Gorgasali Street117 Gorgasali Street37 Gorgasali Street19/2 Rustavi Highway7 a krtsanisi street10 Gulua StreetKodjorimilitary baseMtskheta23 arsukidze streetBebriscixis mimdebared12 samxedro streetGudauriRustavi 10 Megobroba Street16 Mshenebelta Street16 Kostava Street23 Kostava Street4 Shartava Street8 Baratashvili Street4 mshvidoba street4 mshvidoba street14 gagarini streetGardabani25 agmashenebeli street76 Agmashenebeli StreetMarneuli65 Rustaveli StreetOld Military AreaBolnisi113 Sulkhan-Saba StreetTsalka71 Kostava StreetTetri tskaro37 Tamar mepe StreerTelavi60 Agmashenebeli Streer6 Chavchavadze Street2 erekle II street6 Erekle II Street9 Agmashenebeli StreerLagodekhi3 zakatala street45 rustaveli street15 9 April Street1 kudigori street34 Chavchavadze Street12 Noneshvili Street17 Agmashenebeli StreerKhashuri190 borjomi street2 Dzneladze StreetGori 2 Ertoba Street14 Stalini Street26, Chavchavadze streetCkhinvali highway43 Samepho Street68 Samepho StreetMilitary Base, tskhinvali highwatMilitary Base, tskhinvali highwatKaspiRustaveli Street78, Stalini StreetAkhaltsikhe66 Rustaveli Street25 Kostava Street

Military Base35 Nalbandiani StreetBorjomi143 Rustaveli Street1 Rustaveli Square1 Mta StreetKutaisi17 Tsminda Nino Street59 a Chavchavadze Avenue56 Chavchavadze Avenue124 Rustaveli Street36 Grishashvili Street17 Tsminda nino Street (Beeline)141 Rustaveli Street12 Javakhishvili Street75-77/47 Ninoshvili Street & Agmashen-ebeli Street98 Asatiani Street31 Paliashvili Streetaxalgazrdobis I shesaxvevi Military Base Tsereteli street 1/216 Chavchavadze Avenue17 Tsminda Nino StreetTerjola 4 shotadze streetSamtredia21 Javakhishvili StreetChiatura 16 Ninoshvili StreetSachkhereAgmashenebeli street17 gomarteli streetTskaltubo 21 Rustaveli StreetZestafini 59 Agmashenebeli Street 27 Agmashenebeli Street 2 Chanturiai Street Sakarkhno and Staroselski street Tkibuli 13 tabukashvili street55 Gamsakhurdia StreetKhoni 12 tavisufleba streetPoti 30 Agmashenebeli Street30 Agmashenebeli Street52 Agmashenebeli Street24 Rustaveli rkali 11 Chanturia Street2 Pharnavaz mefe Street1 Kokaia Alleynabada new portSenakimilitary base78 Chavchavadze Street168 Mshvidoba StreetZugdidi54 Kostava Street90 Rustaveli Street89 Agmashenebeli Street31 gamsakhurdias street91 Rustaveli streetAnakliaChokatauri 20 dumbadze streetOzurgeti18 Guria Street2 takhaishvli streetLanchkhuti101 Jordania StreetBatumi 71 abuseridze street132 pushkini street48 gorgiladze street32 Era Street11 Ninoshvili Street2 Maiakovski Street17 Gogebashvili Street51 Baratashvili Street41 Baratashvili Street10 Khimshiashvili Street10 Khimshiashvili Street16 Chavchavadze Street39 Chavchavadze Street20 Gamsakhurdia Street29 tavdadebuli Street77/88 Chavchavadze Street47 Gamsakhurdia Street21 Agmashenebeli Street14 Inasaridze StreetAirport82 Era Street105 a Lermontovi Street8 Baratashvili StreetTamari living area 58 M.Abashidze Street58 M.Abashidze Street2 vazha-pshavela street2 vazha-pshavela street6 rustaveli streetKhelvachauri adila village82 Agmashenebeli Street60 Agmashenebeli StreetAngisa Village118 Agmashenebeli Street1 Agmashenebeli Street1 Ninoshvili Street275 Agmashenebeli StreetBobokvatiDaba Chakvi41 tamar mepe streetKeda 13 abuseridze streetKhulo16 Abashidze Street Shuakhevi5 Rustaveli street

bANK RepubLICTbILIsI bRANCHes AND seRvICe CeNTeRs

Head Office and Central branch2 Gr. Abashidze St.Tel: (995 32) 292.55.55Fax: (995 32) 292.55.44Vake13 Chavchavadze Ave. (24 hour)33a Paliashvili St.Freedom Square2, Leonidze St.AirportInternational Airport (24 hour)24 hours, except Christmas and EasterDidube10 Building, Tsereteli Ave.Sadguri10, Tamar Mephe Ave.SadguriNear the Railway StationSanzona34 Guramishvili Ave.Nadzaladevi34 Dadiani Ave.Saburtalo28 Pekini Ave.71 Vazha-Pshavela Ave.47 A. Kazbegi Ave.Isani6/2 Navtlughi St.Gldani20 Khizanishvili St.Mukhiani8b Block, IVa micro districtIashvili Clinic2/6 Lubliana St.Police Office8 Gulua St.Dighomi1b Block, 1 micro district, Dighomi Building of City Court of TbilisiDavid Aghmashenebeli Alley VI km.Ortachala37 Gorgasali St.VarketiliAerodrome Settlement. St N 29-31

RegIoNAL bRANCHes AND seRvICe CeNTeRsBatumi6 Kutaisi St.24 Gogebashvili St. (24 hour)24 hours, except Christmas and Eastern AirportKutaisi6 Grishashvili St.59 Chavchavadze Ave.Samtredia2 Razmadze St.Zestaponi59 Aghmashenebeli St.

Zugdidi34 Zv. Gamsakhurdia Ave.Police Office Building1 Commune of Paris St.Poti50 Aghmashenebeli St.Rustavi20 Megobroba Ave.Police Office Building21 Mshenebelta St.Sighnaghi1 Tamar Mepe St.4 Marjanishvili St.Gori13 Chavchavadze St.Kvareli13 Rustaveli St.

ATM

Tbilisi

Vake2 Gr.Abashidze St.13 Chavchavadze Ave.33 A Paliashvili St.1 Chavchavadze Ave.49b Chavchavadze Ave.50 Chavchavadze Ave.2 Mosashvili St.Mrgvali Bagi7 Kibshidze St.Mtatsminda27 Kostava St.32 Br/Zubalashvili St.20 Rustaveli St.10 Pushkini St.8 Erekle II2, Leonidze St.4 – 9aprili St.24 Gorgasali St. Ministry of Justice24 Gorgasali St. General Office of Public Prosecutor37 Gorgasali St.8 Gulua St.Saburtalo75 Kostava Ave.16 Kazbegi Ave.47 Kazbegi Ave.2 Gamsakhurdia Ave.23-25 Gamsakhurdia Ave.28 Gamsakhurdia Ave.45 Gamsakhurdia Ave.6 Shartava St.19 Nutsubidze St.179 Nutsubidze St.5 Sandro Euli St.Nutsubidze Plato 3rd , 5 Dzotsenidze St.13 Bakhtrioni St.11 Dolidze St. Building 4/534 Vaja Pshavela Ave.Vaja Pshavela Ave.48 Vaja Pshavela Ave.71 Vaja Pshavela Ave.72 Vaja Pshavela Ave.Building 1, Block of flats 7, Vaja Pshavela Ave.Kavtaradze St.Digomi1st Block, 1 Micro District, Dighomi Masivi9 Mikeladze St. 3rd Block, Dighomi MasiviAghmashenebeli alley 6 th km.Aghmashenebeli alley2/6 Lubliana St.5 Lubliana St.13 Petritse St. Didi DigomiDidube-Chugureti1 Khetagurovi St.2 Tsereteli Ave.Tsereteli Ave. Building 1067 a Tsereteli Ave.144 Tsereteli Ave.10 Tamar Mephe Ave.Near Railway Station44 Aghmashenebeli Ave.4 Chubinashvili St.19 Vakhtang Bagrationi Ave.19 Tsabadze St.Isani-SamgoriInternational Airport of Tbilisi, „Sakaero-navigatsia“International Airport of Tbilisi, Airport Service CenterKakheti highway112 Kakheti highway6/2 Navtlughi St.23 “Ghvinis Aghmarti”Varketili Subway Territory7 Varketili, Kaloubnis St.9 Tsinandali St.91 Ketevan Tsamebuli Ave. Opposite side2 Ketevan Tsamebuli square44 Moscow Ave.Vazisubani III Mik. II Block #15Gldani-Nadzaladevi34 Dadiani St.39 Dadiani St.263 Dadiani St.20 Khizanishvili St.Mukhiani 2nd , Block #5 (Noneshvili St.)Mukhiani, Building 8, 4a m/dTemka District, Building 10, 2 m/d, Block of flats: 2534 Guramishvili Ave.36 Guramishvili Ave.Subway Sadguri, Akhmeteli Theatre Territory

Tskneti3 Rustaveli

Telavi4 Marjanishvili St.2 Saakadze Square

gurjaani10 Noneshvili St.

Dedoflis Tskaro2 Baratashvili St.

Kvareli13 Rustaveli St.

Tsnori28 Agmashenebeli St.

sighnaghi1 Tamar Mephe St.

gardabani49 Aghmashenebeli St.

Marneuli21, 26 May St.

Rustavi6 Megobroba St.20 Megobroba Ave.Rustavi highway21 Kostava Ave.

MtskhetaAgmashenebeli St.

gori14 Chavchavadze St.13 Stalinn Ave.5th Km of Tskhinvali Highway

Khashuri1 Imereti St.

borjomi26a Rustaveli St.

Akhaltsihke31 Kostava St.

zestaponi59 Aghmashenebeli Ave.

Kutaisi59 Chavchavadze Ave.56 Chavchavadze Ave.3 Tamar Mephe St.6 Grishashvili St.32 Niuport St.11 Kupradze St.

samtredia3 Tamar Mepe St.2 Razmadze St.

zugdidi34 Zv.Gamsakhurdia St.5 Kostava St.

poti50 Aghmashenebeli St.52 Agmashenebeli St.24 Rustaveli St.

Kobuleti358 Aghmashenebeli St.

batumi131 Chavchavadze Ave.24 Gogebashvili St.31 Tavdadebuli St.6 Griboedovi St.6 Ninoshvili St.6 Kutaisi St.Batumi International AirportMakhinjauriDaba Khelvachauri, 84 Agmashenebeli Ave.

Khimshiashvili St.

sarpiSarpi

vTb bANKTbilisi37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str. Regions113, Chavchavadze Str., Batumi 21, Asatiani Str., Batumi Gori, Tskhinvali Motorroad 49, Samepho Str. Gori 13, Noneshvili Str., Gurjaani 3, Saakadze Sq., Telavi 74, Rustaveli Str., Marneuli 8, Eristavi Str., Ozurgeti 1, Kostava Str., Ozurgeti 3, Megobroba Ave., Rustavi 18, Megobroba Ave., Rustaveli 5, Tabidze Str., Poti 13, Rustaveli Ring., Poti 30, April Alley, Poti 64, Chavchavadze Ave., Kutaisi 5, Rustaveli Str., Kutaisi 35, Z. Paliashvili Str., Kutaisi 3, Rustaveli Str., Kutaisi 98, Akhalgazrdoba Ave., Kutaisi 59, Tamar Mepe Str., Kutaisi

CARTu bANKHead office 39a I. Chavchavadze avenue Tbilisi, 0162, Georgai phone: (+995 32) 92 55 92/91/90 fax: (+995 32) 91 22 79 email: [email protected] Vake Service Center24 I. Abashidze street Tbilisi, 0179 Georgia phone (+995 32) 25 06 14/15 fax: (+995 32) 25 06 15 email: [email protected] Saburtalo Service Center14b Pekini Street Tbilisi 0171 Georgia phone: (+995 32) 92 55 92 fax: (+995 32) 38 23 92 email: [email protected] Lilo Service Center14 Yumashev street Tbilsi, 0198, Georgia phone: (+995 32) 24 11 33 fax: (+ 995 32) 24 11 34 email: [email protected] Mtatsminda Branch#1 Vekua atreet Tbilisi 0105, Georgia phone: (+995 32) 93 89 22 fax: (+995 32) 92 19 38 email: [email protected] Branch4 Paliashvili Str. Kutaisi 4600, Georgia Tel.: (+995 231) 4 11 48 Fax: (+995 231) 4 11 45 E-Mail: [email protected] Branch2 Griboedov Str. Batumi 6000, Georgia Tel.: (+995 222) 7 59 00 Fax: (+995 222) 7 65 04 E-Mail: [email protected] Service Center10/14 Stalin Ave. Gori, 1400, Georgia Tel.: (995 270) 7 76 71 Fax: (995 270) 7 76 71 E-mail: [email protected] Service Center Chavchavadze Square Telavi 0022 Georgia phone: (995 250) 7 09 00 fax: (995 250) 7 09 01 [email protected] Vake39 I. Chavchavadze avenue54 I. Chavchavadze avenue24 I. Abashidze street35 Tskneti HighwayMtatsminda1 I. Vekua street3 I. Vekua Street4 Freedom Square31 Shota Rustaveli avenue17 Shota Rustaveli avenue10 G. Chanturia street29 K. Melikishvili avenue52 K. Melikishvili avenue34 M. Kostava streetOrtachala79 Gogasali street10 G. Gulua streetSaburtalo6 Pekini street14b Pekini street48 Vazha-Pshavela avenue71 Vazha-Pshavela avenue16 Kavtaradze streetL. Gotua Street10 A. Kazbegi avenue48 VashlidjvariDidube-Chugureti8/9 A. Tsereteli avenue119 A. Tsereteli avenue97 David Agmashenebeli avenue154 David Agmashenebeli avenue16 K. Marjanishvili street31 Tamar Mefe avenueDigomi, 4th block, building 5Isani-Samgori14 Yumashvi StreetAiport42 Bogdan Khmelnitski streetJavakheti streetIsani BazrobaLilo 6/2 Navtlugi street91 Ketevan Tsamebuli street12 Meskhishvili streetGldani-NadzaladeveiGldani „a“ micro district, building 503 V. Sarajishvili street7 Sh. Dadiani Street39a Sh. Dadiani StreetSachkhere36 Tamar Mefe streetKutaisi4 Z. Paliashvili street51/2a I. Chavchvadze streetBatumi2 A. Griboedov street4 V. Mayakovski street44 K. Gamsakhurdia astreet65 N. Noneshvili street12/14 M. AbashidzeGori10/14 Stalini avenueTelaviChavchavadze square


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Advertiser: PSP. Contact FINANCIAL Ad Dep at [email protected]

Advertiser: Marriott Tbilisi Hotel. Contact FINANCIAL Ad Dep at [email protected]


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FeBruAry 18, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian songs with live performance Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dancesRestaurant “Mghvime” Address: Left bank of mtkvari river (next to shop “riverside”) Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of georgian Estrada gia Suramelashvili and live music: Estrada ensemble “Mghvime” (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock… Restaurant “Maidan” 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet “Taoba”: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonistpub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «goblins» (Covers)

2Cinema«Rustaveli» Cinema 5 rustaveli Ave. Tel: 293-22-53, 2 555-000 «Safe haven»;«les Misérables”;«gangster Squad»;«f5»;«Jack Reacher»;«Django Unchained»;«My wife’s best friend’s wedding»;«Naughty Kids» (Ticket Price: 6,50 - 11,50 GEL)«amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Warm Bodies»;«Anna Karenina»;«Naughty Kids»;(Ticket Price: 6,50 - 11,50 GEL)«Sakartvelo» Cinema 2/9, Guramishvili Ave. Tel: 230-80-80; 269-66-47«f5»;«My wife’s best friend’s wedding»(Ticket Price: 4 - 8 GEL)

4GalleryExhibition of azerbaijan handmade carpets and items displaying cultural heritage of azerbaijan Sh. amiranashvili art Museum 1, Gudiashvili Str. Tel: 299-71-76 museum is working every day except monday. From 11:00 till 17:00 till - march 5 Exhibition «pop-art, painting». one of the most interesting generations of georgian painters - 70ies’ representative, omar Kachkachishvili’s exhibition Tbilisi Museum of history (Karvasla) 8 Sioni Str. Tel: 292-32-27 (museum is working every day except monday. From 11:00 till 17:00) till - march 10Manana Kavtaradze’s personal exhibition «Eyes Wide Open» Field: paintings, desk graphics Tumanishvili film actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 till - February 25Niko Pirosmani Anniversary Exhibition - «Pirosmani - 150» D. Shevardnadze National gallery 11, rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - march 30Lado Gudiashvili exhibition «Promenade» is presented at the lado gudiashvili Exhibition hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: adults - 5 gEl / people from 6-18 - 3 gEl / Students and pensioners (with ID) - 3 gEl / admission is free for orphan groups (with proof of status) and for children under 6 http://lgexhibitionhall.info-tbilisi.com/ till - may 30

FeBruAry 19, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Restaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of georgian Estrada gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock…Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dances Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian songs with live performance Restaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - georgian folk ensemble «Urmuli», georgian dances Restaurant «Chardin 12» 12 chardin Str. Tel: 293-15-56; mob: 577 480-460 21:00-24:00 - Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Kankava pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «goblins» (Covers)


3TheatreMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Woman with Dog Director: Levan Tsuladze Cast: Nika Tavadze, Nanka Kalatozishvili, Nata Kakhidze, Beso Baratashvili Duration: 120 minutes Date: February 19 hall: Theatre in Attic Time: 20:00 price: 11 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966hamlet Director: Temur Kuprava Cast: Koko Roinishvili, Paata Papuashvili, Malkhaz Abuladze, Aleko makharoblishvili, Eka chkheidze, mariam Nadiradze Date: February 19 hall: big Stage Time: 20:00 price: 6 - 16 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21obsessed with game Director: Tinatin chabukiani Cast: Tengiz Tsulaya, Maia Lomidze, Temur Khutsishvili Date: February 19 Time: 19:00 price: 5, 7, 9 GELRoyal District Theatre 10 Abesadze Str. Tel: 299-61-71Liv Stein Director: Nino Kharatishvili cast: Nino burduli, Gia burjanadze, Tamar mamulashvili, Kato Kalatozishvili, Iako Chilaia Duration: 100 minutes Date: February 19 Time: 20:00 price: 7, 10 GEL


FeBruAry 20, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dances Restaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of georgian Estrada gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock…Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian Dances Tavern «Scarlet Sails» 25, Leselidze Str. Tel: 293-10-28 22:00-01:00 - group «Comic Condition»Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi KakutiaRestaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - live Band pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «zarebi» (Covers)

2Cinema«Rustaveli» Cinema 5 rustaveli Ave. Tel: 293-22-53, 2 555-000 «Safe haven»;«les Misérables”;«Gangster Squad»;«f5»;«Jack Reacher»;«Django Unchained»;«My wife’s best friend’s wedding»;«Naughty Kids» (Ticket Price: 6,50 - 11,50 GEL)«amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Warm Bodies»;«Anna Karenina»;«Naughty Kids»;(Ticket Price: 6,50 - 11,50 GEL)«Sakartvelo» Cinema 2/9, Guramishvili Ave. Tel: 230-80-80; 269-66-47«f5»;«My wife’s best friend’s wedding»(Ticket Price: 4 - 8 GEL)

3TheatreRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68vive Bouchon! Director: Ioseb bakuradze Cast: Gagi Svanidze, Nikoloz Katsaridze, Keti Svanidze, Zuka Papuashvili Date: February 20 hall: Small Stage Time: 19:45 price: 8, 10 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966The aRT Director: Temur chkheidze Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko makharoblishvili Duration: 105 minutes Date: February 20 hall: big Stage Time: 20:00 price: 4 - 10.50 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966reigen Director: Levan Tsuladze Cast: Ketevan Tskhakaia, Zura Berikashvili, Teona Kokrashvili, Irakli Cholokashvili, Nino Tsuladze, Nino Gachechiladze Duration: 150 minutes Date: February 20 hall: Theatre in Attic Time: 20:00 price: 11 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21Jeans generation Director: Davit Doiashvili cast: marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: February 20 Time: 19:00 price: 5, 10, 12 GEL


FeBruAry 21, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna lounge Bar «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Resident DJ Tako Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dancesRestaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72 Every evening from 22:00 inextinguishable star of georgian Estrada gia Suramelashvili and live music: Estrada ensemble «Mghvime» (4 boys and 1 girl), tam-tam, violin, saxophone, king. You will listen to famous old and new hits, jazz, blues, rock…Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi KakutiaClub «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Maia Kvirkvelia & DJ Dachi Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian songs with live performance Restaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - georgian folk ensemble «Urmuli», georgian dances Restaurant «Chardin 12» 12 chardin Str. Tel: 293-15-56; mob: 577 480-460 21:00-24:00 - Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - guliko Chanturia pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «zarebi» (Covers)


5ConcertTbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-2720:00 - Project «New Voice» finalist - Levan Gvazava and his friends (Ticket price: 10-15 GEL)

3TheatreRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68The Mask of foe Director: robert Sturua Cast: Beso Zanguri, Gagi Svanidze, Zaal Baratashvili, Gela Lezhava, Mamuka Loria Duration: 110 minutes Date: February 21 hall: Small Stage Time: 19:45 price: 8, 10 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Yesterday’s people Sokhumi State Dramaturge Theatre Director: Gocha Kapanadze cast: Nugzar chikovani, Lorina Papuashvili-Elerdashvili, Keti Chachua Vano Dugladze, Jibo Kvantrishvili, Paata Kikvadze, Merab Brekashvili, Julieta Pakeliani, Teona Guramishvili, Nugzar Tserediani, Mzia Karchava, Kira Mebuke Duration: 120 minutes Date: February 21 hall: Theatre in Atti Time: 20:00 price: 11 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Naphthaline Director: Davit Sakvarelidze cast: Guranda Gabunia, Ninaka Gelashvili, Temur Kiladze, Joseph Gogichaishvili, Alexander Getsadze, Maia Tatishvili, Beka Goderdzishvili, Zaza Goguadze, Vaja Kvitaishvili Date: February 21 hall: big Stage Time: 20:00 price: 4 - 10.50 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21Bedtime Waltz Director: Avtandil Varsimashvili Cast: Keta Lortkipanidze, Maia Doborjginidze, Mariam Jologua, Tamuna Nikoladze, Tiko Kordzadze, Salome Tchulukhadze Date: February 21 Time: 19:00 price: 5, 10, 15 GELv. abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90antigone - premiere Director: Paata Tsikolia cast: Aleko begalishvili, Giorgi Vardosanidze, Ana Zambakhidze, Eka Demetradze, Andro Baratashvili Date: February 21 Time: 19:00 price: 5, 10 GELRoyal District Theatre 10 Abesadze Str. Tel: 299-61-71The ugly one Director:Data Tavadze Cast: Soso Khvedelidze, Kato Kalatozishvili, Iako Chilaia, Paata Inauri, Gaga Shishinashvili Duration: 100 minutes Date: February 21 Time: 20:00 price: 7, 10 GELakhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97pantheon Director: Dimitri Khvtisiashvili cast: mamuka mazavrishvili, Tamar bezhuashvili, Shalva Bakhtadze, Neli Badalashvili, Kakha Jokhadze Duration: 80 minutes Date: February 21 Time: 19:00 price: 7, 10 GELgabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (magtiFix), 298-65-90Ramona Marionette Theatre Author and Director: rezo Gabriadze +10 years Date: February 21 Time: 20:00 price: 5, 10, 15 GEL


FeBruAry 22, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-3221:00 - agora live Band, DJ Datuna lounge Bar «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Resident DJ Tako Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi KakutiaRestaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful. Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili. Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin. During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Club «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - gio Khutsishvili & DJ Dachi Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian Dances Tavern «Scarlet Sails» 25, Leselidze Str. Tel: 293-10-28 22:00-01:00 - group «Comic Condition» Restaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Restaurant «Chardin 12» 12 chardin Str. Tel: 293-15-56; mob: 577 480-460 21:00-24:00 - Jazz Band Café «Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «zarebi» (Covers)


5ConcertTbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-2720:00 - Project «New Voice» finalist - Levan Gvazava and his friends (Ticket price: 10-15 GEL)

3TheatreRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68The visitor Director: Gosha Gorgoshidze cast: bacho chachibaia, Goga barbakadze, bachi Lezhava, manana Abramishvili Duration: 100 minutes Date: February 22 hall: Experimental Stage Time: 19:00 price: 6 GELRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68What a wonderful day... (Shadow Theatre) Writer, director: Gela Kandelaki cast: Vadim Shubitidze, Elene murjikneli, Paata Shengelia, Anzhela Abshilava, Giorgi chanturia, Elene Zurabashvili Duration: 80 minutes Date: February 22 hall: Small Stage Time: 19:45 price: 6, 8 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Woman with Dog Director: Levan Tsuladze Cast: Nika Tavadze, Nanka Kalatozishvili, Nata Kakhidze, Beso Baratashvili Duration: 120 minutes Date: February 22 hall: Theatre in Attic Time: 20:00 price: 11 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Revisor Director: Gizo Jordania Cast: Davit Dvalishvili, Manana Kozakova, Nata mjavanadze, onise oniani, roland okropiridze, Avtandil Mikadze, Zura Berikashvili, Davit Khurtsilava, Nodar Doghonadze Date: February 22 hall: big Stage Time: 20:00 price: 4 - 10.50 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21I love You, I love You, I love You Director: Avto Varsimashvili Cast: Mariam Jologua, Apolon Kublashvili, Ani Aladashvili, Giorgi Jikia, Kakha Mikiashvili, Mamuka Mumladze Duration: 150 minutes Date: February 22 Time: 19:00 price: 5, 10, 15 GELTumanishvili film actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99Tiger and a Knight - premiere Director: Giorgi Sikharulidze Cast: Guga Kakhiani, Mzia Arabuli,

Ana Nikolaishvili, Natia metreveli Date: February 22 Time: 19:00 price: 10 GELv. abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90antigone - premiere Director: Paata Tsikolia cast: Aleko begalishvili, Giorgi Vardosanidze, Ana Zambakhidze, Eka Demetradze, Andro Baratashvili Date: February 22 Time: 19:00 price: 5, 10 GELakhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Taxi Driver givi’s love Story Director: malkhaz Aslamazashvili Cast: Bacho Kajaia, Gvantsa Kandelaki, Tamta Patashuri, Andro Sarishvili, Giorgi Ksovreli, Kakha Jokhadze, Zurab Iashvili Duration: 140 minutes Date: February 22 Time: 19:00 price: 7, 10 GELIlia University Theatre 32, I. chavchavadze Ave. Tel: 229-47-15Blaze Director: Sandro Eloshvili Cast: Keti Dzotsenidze, Megi Jamaspishvili, Giorgi Tchumburudze, Nikusha Giorgadze, Salome mikadze, Nutsa Khvedelidze, Magda Khurtsidze play in three acts Date: February 22 Time: 20:00 price: 5 GELa. griboedov Russian State Drama Theatre 2 rustaveli Ave. Tel: 293-11-06Modest Director: Avtandil Varsimashvili Cast: Valery Kharutchenko, Nana Darchiashvili, Alla mamontova, Inna Vorobiova Date: February 22 Time: 18:00 price: 5 GELgabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (magtiFix), 298-65-90autumn of my Springtime Marionette Theatre Author and Director: rezo Gabriadze +10 years Date: February 22 Time: 20:00 price: 5, 10, 15 GEL


FeBruAry 23, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-3221:00 - veriko Turashvili & live Band, DJ Datuna Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dances lounge Bar «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Resident DJ Tako Restaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful. Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili. Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin. During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi Kakutia Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Club «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Merab Sephashvili & DJ Dachi Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian Dances Tavern «Scarlet Sails» 25, Leselidze Str. Tel: 293-10-28 22:00-01:00 - group «Comic Condition» Restaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - Maidan Jazz Band Restaurant «Chardin 12» 12 chardin Str. Tel: 293-15-56; mob: 577 480-460 21:00-24:00 - Jazz Band Café «Kala” 8/10 Erekle II Str. Mob: 599 79-97-3721:00 - Keti paresashvili pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)


3TheatreRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68oliver! Director: Davit Sakvarelidze Cast: Manana Abramishvili, Zaza Baratashvili, Goga barbakadze, Tengiz Giorgadze, Paata Guliashvili, Davit Darchia, Gela Tavberidze, Nino Tarkhan-Mouravi, Kakha Kupatadze Date: February 23 hall: Grand Stage Time: 19:45 price: 10 - 30 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966The Snow Queen Director: Tsitsino Kobiashvili Cast: Tamar Skhirtladze, Marlen Egutia, Zaza Goguadze, Giorgi Kiknadze, Ani Gujejiani, Nika Gujejiani, Lela meburishvili, Nino Dumbadze, Eka mjavanadze, Davit Khurtsilava Date: February 23 hall: big Stage Time: 12:00 price: 8 - 14.00 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Mixed Emotions Director: Sandro Eloshvili Cast: Duta Skhirtladze, Keti Tskhakaia Date: February 23 hall: Theatre in Attic Time: 20:00 price: 11.00 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Women Director: Tsitsino Kobiashvili Cast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo Kiladze Date: February 23 hall: big Stage Time: 20:00 price: 4 - 10.50 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21a Clockwork orange Director: Avto Varsimashvili Cast: Jaba Kiladze, Apolon Kublashvili, Slava Natenadze, Sandro margalitashvili, misha Arjevanidze, Ani Aladashvili, masho melkadze, Lasha Gurgenidze +16 year Duration: 135 minutes Date: February 23 Time: 20:00 price: 5, 10, 15 GELTumanishvili film actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99Tiger and a Knight - premiere Director: Giorgi Sikharulidze Cast: Guga Kakhiani, Mzia Arabuli, Ana Nikolaishvili, Natia metreveli Date: February 23 Time: 19:00 price: 10 GELakhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97There where my home is... Director: Lali Kekelidze Cast: Marina Kharchilava, Lamzira Chkheidze, Eka Demetradze, Keti Asatiani, Giorgi Kalandarishvili, Giorgi Bochorishvili, Zaza Vashakmadze, Maia Gelovani Duration: 100 minutes Date: February 23 Time: 19:00 price: 7, 10 GELv. abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90antigone - premiere Director: Paata Tsikolia cast: Aleko begalishvili, Giorgi Vardosanidze, Ana Zambakhidze, Eka Demetradze, Andro Baratashvili Date: February 23 Time: 19:00 price: 5, 10 GELIlia University Theatre 32, I. chavchavadze Ave. Tel: 229-47-15Eurydice Director: otar Egadze, milene Egiazarova cast: Andrea Vachridze, merab chkheidze, Levan mamniashvili, David Gigolashvili, Tatia Gabedava, Annie Talakvadze, Salome Mikadze, Zurab Gabunia Duration: In 2 acts Date: February 23 Time: 20:00 price: 10 GELRoyal District Theatre 10 Abesadze Str. Tel: 299-61-71Streap-Tease Director: Nika Tavadze cast: Paata Inauri, Data Tavadze Duration: 70 minutes Date: February 23 Time: 20:00 price: 7, 10 GELgabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (magtiFix), 298-65-90The battle of Stalingrad Marionette Theatre Author and Director: rezo Gabriadze In russian +10 years Date: February 23 Time: 20:00 price: 5, 10, 15 GELgriboedov Theatre 2 rustaveli Ave. Tel: 293-11-06Marriage Director: Avtandil Varsimashvili Cast: Mariam Kitia, Apolon Kublashvili, Irina Kvizhinadze, Valery Kharutchenko, Nana Darchiashvili, Oleg mchedlishvili Duration: 110 minutes Date: February 23 Time: 18:00 price: 5 GELTbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The Sun Ray Director: Beso Kupreishvili Date: February 23 hall: Small Stage Time: 12:00 14:00 price: 10 GEL


FeBruAry 24, 2013

1Clubs, Pubs…SkyyBar 22 metekhi Str. mob: 592 32-32-3221:00 - agora live Band, DJ Datuna Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato archvadze’s quartet «Taoba»: georgian folk and city songs. Estrada singers: giorgi Tsiklauri, Nina okroashvili, giorgi Kakutia Restaurant «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 20:00-23:00 - «Kalakuri’s Quartet» - with live performance of city songs, and also universal songs Sushi Bar Samurai 9 G. Tabidze Str. mob: 577-22-60 01; Tel: 240-29-9919:00 - geishas dances Restaurant «Mghvime» Address: Left bank of mtkvari river (next to shop «Riverside») Phone: 2 305 558/ 2 359 540; 599 56 60 72restaurant is working 24 hours Entertainment at the restaurant «Mghvime» is colorful. Every evening from 20:00 inextinguishable star of Georgian Estrada Gia Suramelashvili. Estrada ensemble «Mghvime» (3 boys and one girl), tam-tam, violin. During weekdays: Singer, composer Kaki Bolkvadze and hot Georgian and Asian dances Club «Kalakuri» 3 Shavteli Str. Tel: 2 365-365 22:00 - Karaoke party! host - Salome gogiashvili & DJ Dachi Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - georgian songs with live performance Restaurant «Maidan» 6, rkinis rigi Str. Tel: 275-11-88; 590 75-11-88 20:30 - georgian folk ensemble «Urmuli», georgian dances Restaurant «Chardin 12» 12 chardin Str. Tel: 293-15-56; mob: 577 480-460 21:00-24:00 - Jazz Band Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - live Band pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

2Cinema«Rustaveli» Cinema 5 rustaveli Ave. Tel: 293-22-53, 2 555-000 «Safe haven»;«les Misérables”;«Gangster Squad»;«f5»;«Jack Reacher»;«Django Unchained»;«My wife’s best friend’s wedding»;«Naughty Kids» (Ticket Price: 6,50 - 11,50 GEL)«amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Warm Bodies»;«Anna Karenina»;«Naughty Kids»;(Ticket Price: 6,50 - 11,50 GEL)«Sakartvelo» Cinema 2/9, Guramishvili Ave. Tel: 230-80-80; 269-66-47«f5»;«My wife’s best friend’s wedding»(Ticket Price: 4 - 8 GEL)

3TheatreRustaveli Theatre 17, rustaveli Ave. Tel: 272-68-68oliver! Director: Davit Sakvarelidze Cast: Manana Abramishvili, Zaza Baratashvili, Goga barbakadze, Tengiz Giorgadze, Paata Guliashvili, Davit Darchia, Gela Tavberidze, Nino Tarkhan-mouravi, Kakha Kupatadze Date: February 24 hall: Grand Stage Time: 19:45 price: 10 - 30 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966The Snow Queen Director: Tsitsino Kobiashvili Cast: Tamar Skhirtladze, Marlen Egutia, Zaza Goguadze, Giorgi Kiknadze, Ani Gujejiani, Nika Gujejiani, Lela meburishvili, Nino Dumbadze, Eka mjavanadze, Davit Khurtsilava Date: February 24 hall: big Stage Time: 12:00 price: 8 - 14.00 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Tango with Illegitimate Director: Ketevan Kharshiladze, Guram Vashakidze Cast: Kote Tolordava, Ia Shughliashvili, Eka Nijaradze, Lile Philphani, Nino Gomarteli, Nino Dumbadze, Tamar bukhnikashvili, Nikusha chikovani, Levan Gelbakhiani Duration: 140 minutes Date: February 24 hall: Theatre in Attic Time: 20:00 price: 11 GELMarjanishvili Theatre 8 marjanishvili Str. Tel: 2 955-966Kakutsa Cholokashvili Director: Levan Tsuladze Cast: Nika Tavadze, Nika Kuchava, Lela Meburishvili, Ioseb Gogichaishvili, Gia Burjanadze, Zura Berikashvili, Dimitri Tatishvili, Zaza Iakashvili, Roland Okropiridze, beka Goderdzishvili, onise oniani, Leo Antadze Duration: 180 minutes Date: February 24 hall: big Stage Time: 20:00 price: 4 - 10.50 GELliberty Theatre 2 rustaveli Ave. Tel: 298-58-21The Caucasian Chalk Circle Director: Avto Varsimashvili Cast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze, Marisha Kitia Duration: 240 minutes Date: February 24 Time: 19:00 price: 5, 10, 15 GELTumanishvili film actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99Tiger and a Knight - premiere Director: Giorgi Sikharulidze Cast: Guga Kakhiani, Mzia Arabuli, Ana Nikolaishvili, Natia metreveli Date: February 24 Time: 19:00 price: 10 GELakhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Wonders of the Magic Director: Goga Tavadze Cast: Zura Avsajanishvili, Akaki Khidasheli, Gvantsa Dadianidze, Kakhi Jokhadze Duration: 105 minutes Date: February 24 Time: 19:00 price: 7, 10 GELv. abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90antigone - premiere Director: Paata Tsikolia cast: Aleko begalishvili, Giorgi Vardosanidze, Ana Zambakhidze, Eka Demetradze, Andro Baratashvili Date: February 24 Time: 19:00 price: 5, 10 GELIlia University Theatre 32, I. chavchavadze Ave. Tel: 229-47-15Witted Woe! Director: otar Egadze Cast: Vasiko Odishvili, Dato Gigolashvili, Kakha Gogidze, Nika Giorgadze, Soso mchedlishvili, maka Dzagania, Levan mamniashvili Duration: 90 minutes Date: February 24 Time: 20:00 price: 10 GELgabriadze Theatre 13,Shavteli Str. Tel: 8 790 98-65-91 (magtiFix), 298-65-90Ramona Marionette Theatre Author and Director: rezo Gabriadze +10 years Date: February 24 Time: 20:00 price: 5, 10, 15 GELgriboedov Theatre 2 rustaveli Ave. Tel: 293-11-06Scarlet flower Director: Vakhtang Nikolava Cast: Archil Baratashvili, Apolon Kublashvili, Ivan Kurasbediani, Sandro Margalitashvili, Irina meghvinetukhutsesi, Nana Darchiashvili, Ana Arutunyan, Mari Kitia Duration: 70 minutes Date: February 24 Time: 12:00 price: 5 GELTbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The Sun Ray Director: Beso Kupreishvili Date: February 24 hall: Small Stage Time: 12:00 14:00 price: 10 GEL


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Aktau 4.7 02:50 05:10 DV 842

Amsterdam 1.6 06:10 07:55 A9 651

Amsterdam 3.7 16:00; 08:00 17:50; 09:50 9Y 301

Almaty 1.2.4.6 08:55 14:35 KC E90

Athens 1 06:15 07:15 A3 983

Baku 1.3.5.6.7 01:50;12:30 03:10;13:50 J2 224/226

Baku DAILY 15:05;20:15 16:20;21:30 QR 975/977

Batumi 5.7 14:45 15:15 A9 505

Doha DAYLY 15:05/19:05 20:15/00:15+1 QR 975/977

Dubai 2.7.4 08:00 11:10 9Y 411

Dubai 2.4.6 06:35 10:00 FZ 714

Donetsk 7 02:50 02:35 QU 202

Istanbul DAILY 05:15;18:15 05:45 18:45 TK 387/383

Istanbul DAILY 06:30 06:45 PC 463

Kiev 2.3.5.7 08:40;17:00 09:10;17:10 A9 557

Kiev DAILY 07:30; 18:20 08:00;19:00 PS 728/516

London 1.3.5 15:30 17:10 BA 158

Minsk DAILY 03:55 06:05 B2 736

Moscow X3.5 09:50 12:20 A9 930

Moscow 1.3.5.6.7 16:35 19:25 S7 956

Odessa 7 15:05 16:10 QU 212

Munich DAILY 05:05 06:10 LH 2557

Prague 3.6 05:20 06:15 OK 935

Riga 1.3.6 07:00 08:35 BT 723

Rome 2.7 06:00 07:15 AZ 551

Tel-Aviv 2.4.7 18:25 19:10 A9 695

Vienna 4.7 08:55 09:25 A9 681

Urumqi 2 22:40 07:30+1 CZ 6040

Warsaw 2.4.7 05:50 06:25 LO 724

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The price components that make up the retail price for one liter of fuel.

Crude - Purchase price of one liter of crude.

Margin - Refining, transportation, insurance, stockpiling, distribution and sale to consumers.

Excise duties and VAT - Taxes levied by local governments. May include environment related taxes.

January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo)

Country Crude Margin Excise duties VAT Retail price Crude Margin Excise duties VAT Retail price

Austria € 0.512 € 0.164 € 0.482 € 0.232 € 1.390 € 0.512 € 0.224 € 0.397 € 0.227 € 1.359

Belgium € 0.512 € 0.226 € 0.614 € 0.284 € 1.636 € 0.512 € 0.293 € 0.428 € 0.259 € 1.492

Bulgaria € 0.512 € 0.179 € 0.363 € 0.211 € 1.265 € 0.512 € 0.253 € 0.322 € 0.217 € 1.304

Cyprus € 0.512 € 0.281 € 0.359 € 0.196 € 1.348 € 0.512 € 0.361 € 0.330 € 0.204 € 1.407

Czech Republic € 0.512 € 0.123 € 0.516 € 0.242 € 1.393 € 0.512 € 0.232 € 0.440 € 0.249 € 1.433

Denmark € 0.512 € 0.187 € 0.587 € 0.321 € 1.607 € 0.512 € 0.212 € 0.444 € 0.292 € 1.460

Estonia € 0.512 € 0.098 € 0.423 € 0.207 € 1.239 € 0.512 € 0.173 € 0.393 € 0.216 € 1.293

Finland € 0.512 € 0.131 € 0.650 € 0.310 € 1.603 € 0.512 € 0.245 € 0.470 € 0.294 € 1.521

France € 0.512 € 0.261 € 0.607 € 0.270 € 1.650 € 0.512 € 0.308 € 0.428 € 0.245 € 1.493

Germany € 0.512 € 0.159 € 0.654 € 0.252 € 1.577 € 0.512 € 0.239 € 0.470 € 0.232 € 1.453

Greece € 0.512 € 0.185 € 0.670 € 0.314 € 1.681 € 0.512 € 0.223 € 0.412 € 0.264 € 1.411

Hungary € 0.512 € 0.161 € 0.419 € 0.295 € 1.387 € 0.512 € 0.223 € 0.386 € 0.303 € 1.424

Ireland € 0.512 € 0.193 € 0.588 € 0.297 € 1.590 € 0.512 € 0.254 € 0.479 € 0.286 € 1.531

Italy € 0.512 € 0.232 € 0.704 € 0.304 € 1.752 € 0.512 € 0.298 € 0.593 € 0.295 € 1.697

Latvia € 0.512 € 0.170 € 0.408 € 0.229 € 1.319 € 0.512 € 0.250 € 0.330 € 0.229 € 1.321

Lithuania € 0.512 € 0.178 € 0.434 € 0.236 € 1.360 € 0.512 € 0.260 € 0.302 € 0.225 € 1.299

Luxembourg € 0.512 € 0.171 € 0.462 € 0.172 € 1.317 € 0.512 € 0.217 € 0.330 € 0.159 € 1.218

Malta € 0.512 € 0.290 € 0.469 € 0.229 € 1.500 € 0.512 € 0.276 € 0.382 € 0.211 € 1.380

Netherlands € 0.512 € 0.231 € 0.730 € 0.309 € 1.782 € 0.512 € 0.289 € 0.431 € 0.259 € 1.491

Poland € 0.512 € 0.203 € 0.380 € 0.252 € 1.347 € 0.512 € 0.267 € 0.330 € 0.255 € 1.364

Portugal € 0.512 € 0.326 € 0.584 € 0.327 € 1.749 € 0.512 € 0.333 € 0.366 € 0.278 € 1.489

Romania € 0.512 € 0.153 € 0.360 € 0.246 € 1.271 € 0.512 € 0.228 € 0.316 € 0.253 € 1.309

Slovakia € 0.512 € 0.227 € 0.515 € 0.251 € 1.504 € 0.512 € 0.295 € 0.386 € 0.239 € 1.431

Slovenia € 0.512 € 0.235 € 0.491 € 0.248 € 1.486 € 0.512 € 0.281 € 0.361 € 0.231 € 1.385

Spain € 0.512 € 0.197 € 0.425 € 0.238 € 1.372 € 0.512 € 0.267 € 0.331 € 0.233 € 1.343

Sweden € 0.512 € 0.185 € 0.620 € 0.329 € 1.646 € 0.512 € 0.248 € 0.554 € 0.328 € 1.642

United Kingdom € 0.512 € 0.167 € 0.674 € 0.271 € 1.624 € 0.512 € 0.242 € 0.674 € 0.286 € 1.714

energy prices in europe

FueL pRICes

FueL TAXes

eLeCTRICITY HouseHoLDs

FueL pRICeseLeCTRICITY HouseHoLDs

FueL TAXes

Actual prices per one liter of fuel. Download fuel prices per EU country, from January 2000 onwards.

January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo)

Country Retail Price Price (Excluding VAT) Retail Price Price (Excluding VAT)

Austria € 1.390 € 1.158 € 1.359 € 1.133

Belgium € 1.636 € 1.352 € 1.492 € 1.233

Bulgaria € 1.265 2.49 лв. € 1.054 2.08 лв. € 1.304 2.55 лв. € 1.087 2.13 лв.

Cyprus € 1.348 € 1.152 € 1.407 € 1.203

Czech Republic € 1.393 35.00 Kč € 1.151 28.93 Kč € 1.433 36.00 Kč € 1.184 29.75 Kč

Denmark € 1.607 11.99 kr € 1.286 9.59 kr € 1.460 10.89 kr € 1.168 8.71 kr

Estonia € 1.239 € 1.033 € 1.293 € 1.078

Finland € 1.603 € 1.293 € 1.521 € 1.227

France € 1.650 € 1.380 € 1.493 € 1.248

Germany € 1.577 € 1.325 € 1.453 € 1.221

Greece € 1.681 € 1.367 € 1.411 € 1.147

Hungary € 1.387 407 Ft € 1.092 320 Ft € 1.424 418 Ft € 1.121 329 Ft

Ireland € 1.590 € 1.293 € 1.531 € 1.245

Italy € 1.752 € 1.448 € 1.697 € 1.402

Latvia € 1.319 Ls 0.922 € 1.090 Ls 0.762 € 1.321 Ls 0.923 € 1.092 Ls 0.763

Lithuania € 1.360 Lt 4.70 € 1.124 Lt 3.88 € 1.299 Lt 4.49 € 1.074 Lt 3.71

Luxembourg € 1.317 € 1.145 € 1.218 € 1.059

Malta € 1.500 € 1.271 € 1.380 € 1.169

Netherlands € 1.782 € 1.473 € 1.491 € 1.232

Poland € 1.347 5.49 zł € 1.095 4.46 zł € 1.364 5.56 zł € 1.109 4.52 zł

Portugal € 1.749 € 1.422 € 1.489 € 1.211

Romania € 1.271 5.66 lei € 1.025 4.56 lei € 1.309 5.83 lei € 1.056 4.70 lei

Slovakia € 1.504 € 1.253 € 1.431 € 1.193

Slovenia € 1.486 € 1.238 € 1.385 € 1.154

Spain € 1.372 € 1.134 € 1.343 € 1.110

Sweden € 1.646 14.18 kr € 1.317 11.34 kr € 1.642 14.14 kr € 1.314 11.31 kr

United Kingdom € 1.624 £ 1.321 € 1.353 £ 1.101 € 1.714 £ 1.394 € 1.428 £ 1.162

EU AVERAGE € 1.496 € 1.234 € 1.432 € 1.181Retail (end-user) energy prices for households.

Two consumption levels are identified. Research methodology.

Price data mentioned may not reflect the latest insights found in the commercial editions.

Reference month: May 2012.

Historical price data going back to the year 2000, visit EU Energy History.

Consumption: 3,500 kWh/year (± 25%) Consumption: 7,500 kWh/year (± 30%)

Country € per kWh Electricity Country € per kWh Electricity

Austria € 0.1988 Austria € 0.1798

Belgium € 0.2134 Belgium € 0.1940

Bulgaria € 0.0829 Bulgaria € 0.0823

Cyprus € 0.2850 Cyprus € 0.2800

Czech Republic € 0.1480 Czech Republic € 0.1276Czech Republic € 0.1480 Czech Republic € 0.1276

Denmark € 0.2982 Denmark € 0.2562

Estonia € 0.0989 Estonia € 0.0948

Finland € 0.1566 Finland € 0.1369

France € 0.1412 France € 0.1279

Germany € 0.2541 Germany € 0.2406

Greece € 0.1265 Greece € 0.1553

Hungary € 0.1708 Hungary € 0.1616

Ireland € 0.1920 Ireland € 0.1604

Italy € 0.2031 Italy € 0.2485

Latvia € 0.1187 Latvia € 0.1193

Lithuania € 0.1200 Lithuania € 0.1201

Luxembourg € 0.1707 Luxembourg € 0.1587

Malta € 0.1695 Malta € 0.1829

Netherlands € 0.2208 Netherlands € 0.2439

Poland € 0.1488 Poland € 0.1419

Portugal € 0.1689 Portugal € 0.1547

Romania € 0.1095 Romania € 0.1074

Slovakia € 0.1677 Slovakia € 0.1501

Slovenia € 0.1447 Slovenia € 0.1335

Spain € 0.1959 Spain € 0.1777

Sweden € 0.2098 Sweden € 0.1821

United Kingdom € 0.1419 United Kingdom € 0.1265

Notes:

- Amount is in euro (€) per kiloWatthour (kWh).

- Price data for non-eurozone countries are in euro. The average exchange rate valid for the referenced month is applied.

- Prices include: market price, transmission through main and local networks, administrative charges and all taxes.

oman a . oman a .

Retail (end-user) energy prices for households.

Two consumption levels are identified. Research methodology.

Price data mentioned may not reflect the latest insights found in the commercial editions.

Reference month: May 2012.

Historical price data going back to the year 2000, visit EU Energy History.

Consumption: 3,500 kWh/year (± 25%) Consumption: 7,500 kWh/year (± 30%)

Country € per kWh Electricity Country € per kWh Electricity

Austria € 0.1988 Austria € 0.1798

Belgium € 0.2134 Belgium € 0.1940

Bulgaria € 0.0829 Bulgaria € 0.0823

Cyprus € 0.2850 Cyprus € 0.2800

Czech Republic € 0.1480 Czech Republic € 0.1276

By dAAN hArMseN, FINANCIAL MANAGer, GeoCAPITAL MICroFINANCe

orGANIzATIoN

Entrepreneurs: everyone loves them. They are full of energy, and always have new ideas that excite people. I see two differ-ent types of entrepreneurs: those that run the small business that form the lifeblood

of the economy, and those that create new products and ideas that stand at the basis of revolutionary new enterprises. Your small neighborhood super-market falls in the first category, while Facebook falls in the second category.

The developing world, Georgia included, has no lack of the first category of entrepreneurs: small business entrepreneurship is very common indeed. Often these small businesses are an alternative form of employment: with no intention to expand, they often only employ the owner and a few others. In-stead of finding a job somewhere, the owner simply creates one for herself.

The second category of entrepreneurs is harder to find: this form of entrepreneurship is strongly inter-twined with innovation and technology. However, if entrepreneurs in the second category succeed, they create big businesses that often employ thousands of people. In this article, I’ll discuss with Georgia can do to support entrepreneurs that will eventu-ally create innovative new companies. We’ll see that for entrepreneurs, it is crucial to have simple rules and regulations, fast bankruptcy procedures, and knowledge hubs.

First, barriers to starting a business and running it should be low. Someone who starts a new busi-ness doesn’t necessarily know much about the ad-ministrative and legal sides of things, and we don’t want potential entrepreneurs to waste too much on this. Georgia has already done much in this respect by simplifying business registration procedures. Tax procedures are also relatively simple, and done online, although this is can be complicated for a foreign entrepreneur, since online tax filing is only

possible in Georgian. Second, make it easy to go bankrupt. Entrepre-

neurs most often fail, and that is part of the pro-cess. Entrepreneurship is about taking risk, and sometimes a business doesn’t work out the way the owner had expected it to. This often involves substantial financial risk. Many entrepreneurs go through personal bankruptcy with another venture before starting the company that actually leads to their success. The ability to go through personal bankruptcy quickly is essential: if it takes many years to get out of personal bankruptcy, entrepre-neurs will be hesitant to put too much on the line financially.

Third: knowledge hubs are essential for entre-preneurs to start high-value added businesses. An prime example of this is Silicon Valley: thousands of technology entrepreneurs work in a relatively small area there, not only because they can find other en-trepreneurs there, but also because there is a uni-versity nearby (Stanford) that consistently delivers high-quality graduates who can work with these start-up businesses. Another example of this Bos-ton, where many science-related startups are born, because of the presence of a large biotech industry and two world-class universities (Harvard and the Massachusetts of Technology). In these knowledge hubs, entrepreneurs get to interact with each, find new partners, benefit from existing knowledge, and “ideas have sex”. In Georgia, some proto-knowledge hubs are starting to emerge around some of the uni-versities in Tbilisi, but there is still a lot of work to be done. The government can stimulate this process by focusing on technical education, with skills that allow graduates to become twenty-first century en-trepreneurs: if a university is very good in technical fields, a knowledge hub will often naturally come into existence around it.

Georgians have learnt how to run small business-es: now it is time to think about how we can create new big ideas. Simple rules and regulations, and quick bankruptcy procedures are prerequisites, and knowledge hubs can be the birthplaces of these new ideas and businesses.

How can Georgia stimulate innovative entrepreneurship?

The FINANCIAL

Patients on medication for long-term con-ditions can often face difficulties with tak-ing their medication as directed by their doctor.

In addition to the potentially detrimen-tal effect on their health, the cost to the NHS of peo-ple not taking their medicines properly is estimated at more than £500 million per year.

A pioneering study, believed to be the first large-scale research project on medication adherence of its kind in the UK, has recently been completed by a research team led by pharmacists ‎from Aston Pharmacy School. As Aston University said, there is a paucity of research examining medication adher-ence in large populations in the UK and the Aston Medication Adherence Study (AMAS) was designed to help fill this knowledge gap.

The study employed a mixed methodology to ex-amine the extent of non-adherence and the factors associated with lower levels of adherence within three specific patient groups (patients diagnosed with dyslipidaemia, type 2 diabetes or hypothyroid-ism living in the Heart of Birmingham.

Results from the analysis of the prescribing data showed that overall, around one-quarter to one-third of patients were non-adherent to their medi-cation. Further analysis of the factors associated with non-adherence, enabled profiling of patients most likely to benefit from targeted support to help them take their medications as prescribed; these in-cluded patients:

· younger than 60 years of age· of Islamic faith· of Asian, Caribbean, African or ‘Other Black’

origin· whose primary language is Urdu or Bengali· living in the most socioeconomically deprived

areasResults from the exploratory focus groups re-

vealed an array of issues and barriers faced by patients on long-term medication. For example, patients expressed their fears about side effects of medication and the need for better communication

and information about medicines. The presence or absence of symptoms played a role in patients’ medication taking behaviour and constant changes in generic forms of a medication decreased the lev-els of trust that patients had in pharmacists.

Professor Chris Langley, Principal Investigator for the AMAS said; “What is important about the AMAS is that it identifies adherence patterns within an ethnically diverse inner city area with high levels of deprivation; this is currently unchartered territo-ry. The development of an innovative software tool was pivotal to the study and facilitated analysis of a vast volume of prescribing data. The results from this study have provided an intriguing insight into adherence behaviour within an inner-city popula-tion, whilst the focus group data provided context and understanding of the barriers to adherence from the patients’ perspective.”

Medication: Take It, Leave it or Sometimes Forget


C M Y K

publicity

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AeroSvit Representative office in GeorgiaAddress: 25 st.Leselidze Office 205

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Tel.: 260 15 [email protected], www.piazza.ge

La Brioche

Addr: Batumi, Georgia, Parnavaz

Mepe №25

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Betsy’s Hotel

32-34 Makashvili Street, 0108, Tbilisi, GeorgiaTel: 251 00 01

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15 Lubliana Str.

37 Chavchavadze Ave.Tel.: 291 30 26; 291 30 76

1 BrotherKakabadze Str.

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Hotel“O. Galogre”

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The tickets are available at tbilisi international airport freedom square 4

courtyard marriott hotel, 1st floorTel: 2400 400; 2400 040

36 Al. Kazbegi ave. Tbilisi, 0177, GeorgiaTel/Fax: 229 43 43

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50 Chavchavadze Ave.Tel: 2 91 52 42

13 Shavteli Str.Tel: 2439494

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5 Chavchavadze Ave.

Tel.: 222 44 17577 22 99 22

plasticsurgerygeo.com

Ice cream, coffee, blended drinks,

pastry, salads… Open8am-2am

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Phone: 299 03 99; 574 74 69 [email protected]

Radisson Blu Iveria Hotel Rose Revolution Square 1

Tel.: 240 22 00; Fax: 240 22 01 [email protected] radissonblu.com/hotel-tbilisi

lE MaRaIS

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ThaI

Addr: 35 Abashidze Str.Tel.: 222 17 70, www.thai.ge

6 Kavsadze Str.Tel: 2 25 15 45

2 55 44 55www.lottravel.ge

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Village Anaklia, Zugdidi, Georgia

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Kobuleti, GeorgiaTel: 2242400Fax: 2242403GEORGIA PALACE

HOTEL

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4 Freedom SquareTel: 2988 988, Fax: 2988 910

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Erekle II str.Tel: 555 00 44 46

Berika International LTD GSA for Czech Airlines in GeorgiaTel.: 2227941, Fax: 2222941

Georgian Real Estate Management

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Tel: 243 30 77, Fax: 243 30 79www.firstbrokerage.ge

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2, MarjaniSvili Str. Tel: 2 999 723

41, Gamsakhurdia Str.Tel: 237 96 88

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prospero’s Books34, rustaveli Ave. Tel: (+995 32) 2923 592

ENglISh TEE hoUSE

5, Marjanishvili Str. Tel: 294 16 20

32, Paliashvili Str.Tel: 222 11 09

Belle ville

French - European bar-restaurant Pleasant and cozy atmosphere high quality service, live music every day

26, l.Kiacheli Str. Tel: 293 65 53

Entree

13 Taktakishvili Str.20 Rustaveli Ave.19 Petriashvili Str.

7 Pekini Str.78 Chavchavadze Ave.

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The Financial - 18.02.2013

Economy & Finance

Transcript of The Financial - 18.02.2013